Bankruptcy – Insolvency and bankruptcy
Insolvency means you are unable to pay your debts when they are due. The Insolvency Act 1986 is the legislation that covers all personal and corporate insolvency issues in the UK. Some issues are also affected by the Enterprise Act 2002.
The two pieces of legislation cover insolvency issues such as administration, bankruptcy, liquidation, individual voluntary [...]
Insolvency means you are unable to pay your debts when they are due. The Insolvency Act 1986 is the legislation that covers all personal and corporate insolvency issues in the UK. Some issues are also affected by the Enterprise Act 2002.
The two pieces of legislation cover insolvency issues such as administration, bankruptcy, liquidation, individual voluntary arrangements and company voluntary arrangements.
An individual can become bankrupt once a bankruptcy order has been made against them. An individual can make themselves bankrupt by filing for bankruptcy. They can be made bankrupt by their creditors. They can also be made bankrupt if their individual voluntary arrangement (IVA) fails.
The Government’s Insolvency Service and the courts cannot advise you on specific insolvency problems. You should seek legal or financial advice about the insolvency options available to you.
More information
- Insolvency and liquidation
- Insolvency and administration
- Insolvency and individual voluntary arrangements
- Insolvency and company voluntary arrangements
- Bankruptcy – What is bankruptcy?
- Bankruptcy – The bankruptcy process
- Bankruptcy – What is a certificate of summary administration?
- Bankruptcy – Voluntary and involuntary bankruptcy
- Bankruptcy – How to file for bankruptcy
- Bankruptcy – The advantages of bankruptcy
- Bankruptcy – The disadvantages of bankruptcy
- Bankruptcy – The alternatives to bankruptcy
- Bankruptcy – I am owed money by a bankrupt
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