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The effects of bankruptcy on you and your family can be drastic with the potential of you losing your home, business and other assets.

Our bankruptcy team will give you sensible, practical and professional advice and help when you need it most.

You can become bankrupt when you can no longer afford to pay any debts as they fall due.

You can become bankrupt either voluntarily (when a person who is in debt makes themselves bankrupt), or involuntarily (when a creditor who is owed a minimum of currently £5,000 applies to the court for a bankruptcy order to be made against the debtor.)

Because of the potentially grave consequences of being made bankrupt, you’ll need specialist independent advice as soon as possible.  If you are faced with the threat of bankruptcy or have been made bankrupt, there are options available:

Depending on your circumstances these options could release you and your family from the anxiety of bankruptcy.

Ask a question


  • If I am made bankrupt, what can I do about it?

    Subject to advice, you may be able to apply to the Court for a Bankruptcy Order to be annulled.

  • If I cannot annul or cancel my bankruptcy what will happen?

    All of your assets subject to certain exceptions such as clothing and basic household items will automatically be the property of the Official Receiver and any of your Bank Accounts will be frozen.

  • If my Bank Account is frozen, what can I do?

    The Official Receiver cannot advise you, but usually has a list of Bank’s that are willing to offer basic Bank Accounts to bankrupts.

  • What will happen to my home?

    Whether you own your home solely or jointly with your Partner, your interest in the home will automatically pass to the Official Receiver or a Trustee in Bankruptcy. There will be a three year period in which steps can be taken to realise the value of your interest for the benefit of your creditors, provided that the value of that interest is greater than £1,000. There may be an opportunity for the joint owner or a third party to buy the Official Receiver or Trustee in Bankruptcy’s interest to avoid your losing your home.

  • If I am self employed, what happens to my business?

    The Official Receiver will immediately take steps to close the business and dismiss any employees. A bankrupt cannot be prevented from being self employed so you can start to trade again but subject to restrictions.

  • What happens to any money I earn after I am made bankrupt?

    You may be asked to enter into an Income Payments Agreement (IPA) with the Official Receiver or the Official Receiver may apply to the Court for an Income Payments Order (IPO). If you are asked to enter into an IPA you should not be required to make payments at a level which would reduce your income to below what is considered adequate to meet your reasonable domestic needs and those of your family.

Related services

Actons' Nottingham practice is frequently appointed in insolvency cases to represent joint trustees, administrators or liquidators. In addition, the team handles non-contentious insolvency and restructuring work and bankruptcy annulments. Licensed insolvency practitioners Nicky Calthrop-Owen and Annabel Whittaker both have a wealth of experience in corporate and personal insolvency mandates.
The Legal 500 2021: Insolvency & Corporate Recovery

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