Bankruptcy, Statutory Demands, & Bankruptcy Petitions Services

AR LEGAL COLLECTIONS

Professional Debt Collection Service

159 Brent Street
London NW4 4DH
T: +44 020 8202 0730
F: +44 020 8202 3364

Bankruptcy 

Bankruptcy can be an extremely effective means of recovering debts of more than £5,000 for  creditors who want to recover sums due quickly and effectively. 

Creditors can legitimately be concerned that County Court proceedings will be slow and expensive,  leading them to turn to the Insolvency regime – which applies in different forms to debtor  companies and individuals – to apply pressure to gain payment of outstanding debts.

Statutory demand 

For personal insolvency – bankruptcy – the first step is service of a statutory demand, a written  notice in a prescribed form demanding payment of a debt. 

The demand has to be personally served on the debtor by a process server, which we can arrange  for you. 

Being served with a statutory demand itself increases pressure on the debtor – they have 21 days  either to come to an arrangement with the creditor to pay, apply to court to have the demand set  aside, or leave themselves open to a bankruptcy petition being issued against them.

Bankruptcy petition 

Should payment not be received as a result of the statutory demand, the creditor can issue a  bankruptcy petition in the debtor’s local court, and serve it on the debtor. This further increases the  pressure to pay, as a court date is set when the petition is issued, giving a deadline for possible  bankruptcy – which would result in all the debtor’s assets being transferred to his trustee in  bankruptcy, a ban on company directorships and the inevitable effects on his credit record. 

We can help you with the preparation and presentation of the bankruptcy petition, will arrange for  personal service by a process server and can arrange representation by a solicitor at the bankruptcy  hearing. 

We will also manage any negotiations with the debtor on your behalf, seeking to obtain payment of  the debt before the bankruptcy hearing.

Research 

The costs involved in issuing a bankruptcy petition are substantial. Although the petitioner’s costs  are paid out of the bankrupt’s estate in priority to his general debts, issuing a petition is not a  decision to take lightly. 

We will undertake research on the debtor’s assets – for example, through title searches on any  property he may own – so that we can ascertain, as far as possible, that there is a good chance of  recovery of your costs and at least some of the debt.

 

AR LEGAL COLLECTIONS LIMITED

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