Bankruptcy

Occurs when an individual is deemed insolvent by a County Court under the provisions of the UK Insolvency Act 1986. A bankruptcy petition can be initiated by the individual in financial distress or his creditors. Once granted, it remains in force for one year. Most lenders have a clause in their mortgage conditions which provides a right to possession on bankruptcy, though this is seldom pursued unless the account goes into arrears. A mortgage lender can require mortgage payments to be made direct by the bankrupt person rather than via an Official Receiver or Trustee in Bankruptcy.

What to do if you need more help

If you need more help with your specific commercial loan, mortgage or insurance requirement please speak to a professional financial adviser.

We hope you found this information useful.

return to previous menu…

Sponsors Advertising

Copyright © Steve Gears Associates. All rights reserved. No portion of this site may be reproduced without written permission. All Trademarks are freely acknowledged.The information on this site is based on UK data unless otherwise indicated. Non-UK visitors should check with experts within their own legal jurisdiction before relying on information presented here.

Website Terms of Use |  Other Resources |  Site Map