Personal insolvency FAQs for directors

What is bankruptcy?

Bankruptcy means your financial affairs will be handled by a Trustee in Bankruptcy.  The objective of the trustee is to sell your assets to repay your creditors.  Your home or share in it may be sold to do this.  Your bank accounts will be frozen.  

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Bankruptcy – how does it work?

There are two ways an individual can be made bankrupt in the UK – by a creditor (someone you owe money to who is owed over £5,000 or you can make yourself bankrupt by applying to the Court.  

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What happens after bankruptcy?

When you go bankrupt your assets pass to a Trustee in Bankruptcy.  Usually a year later your bankruptcy will end, this is called being discharged.  You are then free to go on with your onw life however you may still have a trustee in place especially if they have not been able to sell your assets.  

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