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kev.ki
Starting Member
2 Posts |
 Posted - 02 June 2010 : 08:28:39
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i have been sent two STATUTORY DEMANDS OF THE INSOLVENCY ACTS, one personally £591 and one for my comany £762 owed to my accontant,
my questions are-
1- is this an insolvency or bankrupcy order ?
2- can someone force this on me, if so how much will it cost them?
3-if this goes ahead, will there be any serious implications of this on my mortgage status?- what will my mortgage company do?
i have no assets and my mortgage total is about what the property is worth!
please help thanks kev. |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 02 June 2010 : 09:18:12
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Hi Kev.ki
A statutory demand is often the first step for a creditor to commence bankruptcy proceedings against you, but it isn't in itself a bankruptcy order.
Once the statutory period for you to pay or dispute the debt has expired they could issue a bankruptcy petition if the debt you owe them is over £750, but it is an expensive process for them. If they instruct solicitors it could cost them in the region of £2-3,000 to make you bankrupt.
They can only make you bankrupt for debts you are personally liable for, and not a limited company debt unless you have personally guaranteed it.
I would suggest you seek advice from a solicitor/insolvency expert/CAB on how to repsond to the statutory demands, but you need to do it sharpish
Good luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 02 June 2010 : 13:07:05
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Hi Kev
I think the important thing is to get advice, the clock is against you.
I disagree with Bridgewood about going to see a solicitor, they tend not to have the specialist knowledge required. CAB will probably not be able to fit you in in the time frame you require.
speak to a couple of the experts on this forum and gain quick advice. Most will offer the first phone call for free. They will offer you solutions if this helps your situation then go with them.
Bridgewood has made an entry on your thread, (that could be considered an invitiation to call) I used the services of Paul at Reviva and recomend his services.
regards Richard |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 02 June 2010 : 17:35:37
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Hi
Good to talk earlier and hope you found it useful.
Frankly I am suprised that an accountant has presented you with a Statutory Demand for both personal and business debts.
Your personal debt ( from being a sole trader ) is insufficient for them to make you bankrupt. It needs to be at least £750.
As discussed the accounts can opose the Striking Off of the company but to get a resolution they would need to Wind the Company up which would cost them at least £1000 and likely over £2000 with costs. As the company has no assets and has stopped trading they have no liklihood or recovering funds.
disappointing that they don't know a little more about the insolvency process.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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two STATUTORY DEMANDS OF THE INSOLVENCY ACTS
