Bankruptcy Proceedings
If you have unpaid Business Rates and are worried we might take further action, paying the debt in full, or agreeing repayments prior to this action commencing would avoid any further action.
If you receive contact in the form of a statutory demand, this gives you 21 days to pay the full amount owed. You must pay the debt and any additional costs in full within the 21 days to stop the bankruptcy proceedings being commenced
If the proceedings have already commenced you will receive contact from the solicitors. It is in your interests not to ignore the proceedings. The solicitors will be happy to discuss payment of the debt with you in order to avoid a bankruptcy order being made.
If you are struggling with Business Rates or any other debt, more information and support on debt management can be found below:
Consequences of Bankruptcy
If you are declared bankrupt you may be subject to the following:
- a freeze on your bank accounts so that you are unable to withdraw or transfer funds
- the trustee in bankruptcy may force you to sell your home
- your credit rating will be severely affected and you may be unable to apply for credit for up to 6 years
- you may lose any assets acquired during the term of your bankruptcy. This can include inheritances, other financial investments, land and property
- you may lose anything you are leasing or have bought on hire purchase, such as your car
- you may lose professional status
- you will not be allowed to be a company director
