Individuals

A bankruptcy order can be made against an individual on a creditor’s petition to the court, or on the individual’s own application. A creditor may petition for the bankruptcy of an individual where they are owed at least £5,000 and the statutory conditions are met. The £750 figure that applies to company winding-up petitions does not apply to individual bankruptcy. An individual who cannot pay their debts may instead apply for their own bankruptcy online…

This procedure allows an individual struggling to pay their existing debts as and when they fall due to make a voluntary arrangement with their creditors. Typically, the individual will either offer to delay or compromise payment of existing debts usually over a period of one to five years or alternatively…