Your quick guide to the basics of Personal Insolvency in the UK The two main insolvency procedures available to insolvent individuals in England and Wales are: (i) Bankruptcy and (ii) Individual voluntary arrangements. This note will focus on bankruptcy and not individual voluntary arrangements. What is bankruptcy? Bankruptcy is a process by which the assets of a debtor are realised and distributed amongst his creditors. The main features of a bankruptcy are: The debtor's beneficial…
Elissa JelowickiNovember 13, 2014