Chapter DMBM685030

Published date29 April 2016
Record NumberDMBM685030

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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