Creditor's Guide effective from 01 April 2008

Creditors Guide

Official publication date - April 2008

Website publication date - April 08, 2008

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This booklet provides general information regarding bankruptcy for people who are owed money (creditors). It is not intended as a full statement of the law on bankruptcy.

Contents

1 INTRODUCTION

2 WHAT IS BANKRUPTCY?

2.1 Who can be made Bankrupt?

2.2 How can I check whether someone is already bankrupt?

3 WHAT DO I HAVE TO CONSIDER BEFORE MAKEING SOMEONE BANKRUPT?

3.1 How do I go about making someone bankrupt?

3.2 Who administers a bankruptcy?

3.3 What are the conditions for making someone bankrupt?

3.4 How long does it take to make someone bankrupt?

3.5 Who will pay the costs of making someone bankrupt and of the bankruptcy itself?

3.6 Will I get the money I am owed?

3.7 How long does bankruptcy last?

4 WHAT HAPPENS AFTER SOMEONE IS MADE BANKRUPT?

4.1 How are creditors involved?

4.2 How is the debtor's estate managed?

4.3 What happens to the money gathered in?

4.3.1 What are didvidends?

4.4 What happens to the debts I am owed?

5 WHAT ARE THE CONSEQUENCES OF BANKRUPTCY FOR THE DEBTOR?

6 WHAT IF I AM UNHAPPY WITH THE WAY THE BANKRUPTCY IS BEING HANDLED?

7 FURTHER INFORMATION

7.1 Contact Details for the Accountant in Bankruptcy.

7.2 Sources if advice and information.