In some cases, it may simply prove impossible to come to an effective arrangement with a debtor. Despite all the agreements you reach and the promises the debtor makes, the arrears continue to run up. You may offer your debtor a repayment schedule but find that it’s not worth the paper it’s written on. In the end, the time arrives to say ‘no more’.
In such a situation, filing for bankruptcy is one of the options. This you do by lodging a petition with your local court. This can be done by either a natural person or a legal entity (i.e. a limited company). One of the requirements is that your debtor should have at least one other creditor. If you do not know if there is another creditor, you can ask our lawyers to try and find out.
Once the court has declared your debtor bankrupt, you can refer your claim to the receiver (or we can do this for you). We will then closely monitor all further developments in the liquidation process.
Where you yourself are the object of a bankruptcy petition, our lawyers can help you by compiling a realistic repayment schedule or conducting your defence in hearings (i.e. if you are contesting the petition).