Chapter DMBM685030
Published date | 29 April 2016 |
Record Number | DMBM685030 |
Insolvency has serious consequences for those concerned.
Individuals- will have their bank account frozen
- won’t be able to get credit for more than £500 (and won’t be able to get a mortgage)
- won’t be able to trade under another name
- won’t be able to promote, form or manage a limited company
- won’t be able to be the trustee of a charity or pension fund
- name will be published in the London / Belfast/ Edinburgh Gazette (as appropriate)
- customer’s home may be at risk.
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Partnerships- will be wound up
- will have their bank accounts frozen
- will have their assets realised to pay the creditors.
Individual partners will be bankrupted and face the consequences listed for individuals above.
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Companies- will go into liquidation and the liquidator’s main aim will be to realise the company’s assets to pay its creditors
- will be dissolved and struck off the Register of Companies
- with any money...
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