re bankruptsy

[kieranandmegansmum]

if a creditor decides to make you bankrupt after a statuory demand has been addressed do they then have to notify you that they will be making you bankrupt or can they do this without any further correspondance

S WARD

[MelanieGiles]

You have to be personally served with a bankruptcy petition which gives you notice of the bankruptcy hearing at Court.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[kieranandmegansmum]

its just that my ip doesnt feel the creditor will file for bankruptsy because of the cost involved for a low amount but if does i need to contact them and will take out a interim order

S WARD

[MelanieGiles]

That's good advice - but keep an eye on the post and inform them immediately if you are served with a bankruptcy petition.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[kieranandmegansmum]

from experience do you think my ip would be able to hold off bankruptsy procedings do you think the court will except a interim order

S WARD

[MelanieGiles]

I have no experience of your own IP, so cannot really answer this question. But if I were your IP I would be confident that an Interim Order would stop the bankruptcy from proceeding.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[kieranandmegansmum]

if this creditor filed for bankruptsy and i could afford to pay this creditor would the bankruptsy still go ahead for my other creditors + if creditors got together to make you bankrupt would each one have to send you a statuory demand first

S WARD

[MelanieGiles]

When you have recognised that you are insolvent then you should not pay off one creditor at the expense of your others, but to answer your question of course the bankruptcy would not go ahead if the creditor had been paid off.

You really do need to discuss this matter with your IP, who I have to say does not appear to be giving you the appropriate support about this particular concern given the amount of posts your are making. Can I urge you to arrange a face to face meeting with them as soon as possible.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[kieranandmegansmum]

I KNOW IM JUST WORRIED INCASE THE COURT DONT EXCEPT A INTERIM ORDER WHILST SETTING UP MY IVA AND JUST WANTED SOME EXTRA ADVICE

S WARD

[catullus]

Hi

From the date of service of a bankruptcy petition to the actual hearing conservatively takes eight weeks.

An IVA can usually be put in place in under six weeks.

That's the reason why interim orders are rarely applied for and are only used where legal action is imminent eg a bankruptcy hearing is actually scheduled in less than six weeks, a bailiff has already taken walking possession etc.

Doesn't sound like you are in this situation. But even if the legal process is more advanced than I am aware, most solicitors would agree to an adjournment of a bankruptcy hearing because they know that the judge would probably agree to one, if an IVA creditors meeting had been convened but not yet held.

And if, having said all that, your IP decides that an interim order application is still necessary the granting of such an order is pretty well automatic,

Does that help kieranandmegansmum?

[kieranandmegansmum]

THANKS FOR THAT ITS JUST THAT THE STATUORY DEMAND ENDED ON THE 27 OF THIS MONTH AND STILL WAITING MY PROPOSAL

S WARD

[catullus]

Shouldn't be a problem so long as your IP is aware of the urgency

[kieranandmegansmum]

YES THEY KNOW THEY DONT THINK THE CREDITOR WILL MAKE ME BANKRUPT FOR 2400 BUT THE IP HAS SAID IF THEY DECIDE TO MAKE ME BANKRUPT THEY WOULD TAKE AN INTERIM ORDER OUT SO YOUR SAYING BASICALLY THIS WOULD BE GRANTED IF APPLIED FOR

S WARD

[catullus]

Yes, it's pretty well automatic

[kieranandmegansmum]

IN BANKRUPTSY IS IT TRUE I HAVE TO PAY THE COURT COSTS

S WARD