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jdr25
New Member
86 Posts |
 Posted - 16 September 2008 : 22:00:48
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my wife and I are in partnership running a farm.
We are unable to pay our debts and our creditors are threatening us with Court/bankruptcy proceedings.
Is it more advantageous if we declare ourselves bankrupt or should we let one of our creditors do it?
Will each of us have to file individual bankruptcy petitions and each have to pay the court fees? |
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harbourmaster
Junior Member
346 Posts |
Posted - 16 September 2008 : 22:15:00
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Hi there jdr
I cannot help with any advice as to wether it is best to declare yourself BR or wait for a creditor to do it. We were in the same position recently and found it far easier to petition for BR ourselves. We had a high court enforcement officer trying to sieze our goods. As soon as they knew what we were doing they left us alone which relieved a bit of the stress.
Yes you will have to file individual petitions and yes you will have to pay the £495 each, (in cash)
Hope this helps a bit. |
Edited by - harbourmaster on 16 September 2008 22:15:15 |
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BankruptC
Senior Member
1030 Posts |
Posted - 16 September 2008 : 22:38:59
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Hi jdr25,
Just to add to what HM has said, it can take a VERY long time for a creditor to declare you bankrupt, despite them threatening to do so, as it costs them alot more to do it than it would cost you. From all my reading, it seems that as HM said, people find it too stressful to put up with all the hassle from the creditors so they declare BR themselves to put a stop to it.
Take care and keep posting!
C. x |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 17 September 2008 : 00:00:13
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Hi jdr25
Is your farm in a Ltd company , partnership or a Trading As company?
Also do you own the farm ( mortgaged) or is it leased or are you a tennant?
There are lots of what if's here and because there is a business involved I would really encourage you to have a discussion with an expert experienced in working with insolvent companies. You will nodoubt have more time than you think and given some guidance you may have more choices than you initially believe you have.
I guarantee you will feel significantly better after having a conversation so you know what your options are and what timescales you may be looking at.
Unlike a straightforward indicidual Br there is so much more to think about here which may well include future job, income, home, animals etc etc etc .
Which part of the country are you in?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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should we declare ourselves bankrupt?
