If your business has debts which have been unpaid over a specified period of time, it may be declared bankrupt and wound up. Our business bankruptcy solicitors have years of experience in dealing with businesses going bankrupt and so can offer expert advise and assistant if you declaring your business bankrupt.
When this happens, the company’s assets are sold off to create funds to pay your creditors in a process known as liquidation. Once this has been done, the company no longer exists and cannot trade. However, in many cases the assets do not amount to the debts owed, and there is a set hierarchy of which debts are prioritised over others.
Before this happens though, a written demand must be made, and you must be given 21 days to pay the outstanding debt. This debt must be unsecured and be over £750. If the debts remain unpaid, then proceedings can begin. Monarch Solicitors can assist in defending or approving the petition at court.
Contact Our Business Bankruptcy Solicitors
If you would like to enquire about any matter involved business bankruptcy please complete our online contact form here or send an email to us at [email protected] and one of our solicitors shall call you back. Alternatively, please call our business bankruptcy solicitors on 0161 820 8888 for a no obligation discussion.
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