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Archive for the Blog Category

Bankruptcy Restrictions

Bankruptcy Restriction Orders and Bankruptcy Restriction Undertakings are relatively new additions to the bankruptcy legislation operating in England and Wales having been introduced under the Enterprise Act 2002 and brought into effect on 1 April 2004. What is the difference between a Bankruptcy Restrictions Order and a

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Carbon credit companies closed following Insolvency Service investigation

A total of 19 firms involved in the sale of  worthless carbon credit investments have been closed down in the past 15 months following  investigations by the Insolvency Service. The nineteen companies received almost £24 million from around 1,500 people who invested in the carbon credit or Voluntary Emission Reductions

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3 more carbon credit companies wound up by the High Court

The Insolvency Service continues to press ahead with its investigations into companies set up to trade fraudulently in the carbon credit market. Following its investigations into 3 associated London-based companies, the Insolvency Service succeeded in its applications to the High Court on 18 December 2013 to wind up

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The Ostrich Syndrome

What is the Ostrich Syndrome? It is of course the burying of one’s head in the sand when facing an unpleasant situation. This might seem like an odd topic to discuss when considering your financial difficulties and possible insolvency but no consideration of someone’s situation is complete without

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Bank accounts for bad credit

There are 2 different types of bank accounts for bad credit available in the UK. Basic bank accounts are offered by most high street banks and nowadays there are also  guaranteed bank accounts offered by second tier banks and finance companies for those denied access to the more

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Statute Barred Debt

What is statute barred debt? I’m frequently asked by clients about statute barred debts and a good place to start would be with some kind of definition. Under the 1980 Limitations Act, a debt is no longer enforceable by a creditor against a debtor because the period

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UK Bankruptcy of Irish National Sean Quinn- an examination of the COMI issues

Whilst this is an old case now, it is worth taking a look at the issues the Court considered when hearing a bankruptcy annulment application against Sean Quinn and what criteria the Court thought relevant in terms of Sean Quinn’s Centre of Main Interests (COMI). Background to

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Running a business whilst bankrupt

As I said in a previous blog post here, everyone is entitled to make a living and being bankrupt does NOT preclude you from being self-employed and running your own business in most cases. Perhaps we should take a look first at the statutory aspects of trading

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Bankruptcy Myths

It is a curious truth that many bankruptcy myths abound which ultimately leads to a widespread lack of understanding of just what bankruptcy is all about and what the real consequences are.  I shall take a closer look at some of the more common myths I come across from

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