Bankruptcy

Bankruptcy is an official court-based procedure that you can enforce (or your debtor can volunteer for) if your debtor cannot pay their debts. Their assets will be placed in the hands of an officially appointed Trustee who will take steps to turn these assets into money, which can then be used to settle your debts.

As bankrupt individuals, debtors have a duty to assist the Trustee in enquiries relating to their financial conduct before the bankruptcy, and Begbies Traynor can be appointed as Trustee, acting in your best interests so as to secure maximum financial return for you.

A Trustee also has powers to investigate the history of the bankrupt’s finances, and set aside certain transactions which have depleted their estate to the detriment of creditors. Begbies Traynor has developed specialist teams to handle this type of case, and they are able to recover substantial undisclosed wealth for creditors after complex investigation and litigation.