Anyone can go bankrupt, including individual members of a partnership. There are different insolvency procedures for dealing with companies and for partnerships themselves.
If bankruptcy proceedings are taken against you, or you are thinking of making yourself bankrupt, you should seek your own legal or financial advice as soon as possible.
Free Online Bankruptcy Eligibility Test
Use our Free Online Bankruptcy Qualification Check to see if Bankruptcy could be the right option for you.
Bankruptcy is a serious matter. You will have to give up any possessions of value and your interest in your home. It will almost certainly involve the closure of any business you run and the dismissal of your employees. Bankruptcy will also impose certain restrictions on you. See disadvantages of bankruptcy for more details
There are many long term disadvantages associated with Bankruptcy which need to be considered before you make your final decision. It is recommended that you seek expert advice if you are considering declaring yourself bankrupt.
N.B. Are you sure declaring bankruptcy is the only option?
But before you apply for bankruptcy make sure you're certain you've considered the following questions:
Need Bankruptcy Advice?
Our panel of specialists can quickly advise you on what to do if you are considering going bankrupt. Simply call the team FREE on 0800 564 22 11.
Alternatively take the online bankruptcy test and check if you qualify.