At Benchmark Solicitors London, we offer the following bankruptcy petitions to clients at the fixed fees stated below;-
- Debtor’s application to bankrupt yourself where there is no requirement for additional information – £1280 inclusive of VAT, petition deposit and adjudicator’s fees; and
- Creditor’s petition to enforce a debt or other judgment against someone who owes you money – £3600 inclusive of VAT, petition deposit, court and process serving fees.*
The above amounts will be reduced if you are entitled to a court fee remission. Please contact us to book your appointment.
*A creditor’s petition has to be personally served and is triggered by the personal service of a statutory demand. The above price includes one attempt at service of the statutory demand and one attempt at service of the petition. If further attempts to serve the documents are required, or an application for substituted service is required we will charge on a time basis over and above the fixed fee. If the debtor pays the amount outstanding, prior to issue of the petition, we will charge on a time basis for work completed.
For more information on our full range of insolvency and bankruptcy services, please visit our insolvency and bankruptcy page.
Debtor’s application
If you are struggling to pay your debts you may wish to bankrupt yourself. To bankrupt yourself you must make an application to the insolvency adjudicator.
What does it cost?
The costs of bankrupting yourself are largely costs payable to the adjudicator and to the official receiver who will deal with your bankruptcy after the event.
Currently the adjudicator’s fees are £130, and the Official Receiver’s deposit is £550. In comparison your legal costs will be relatively low.
How do I bankrupt myself in practice?
Please contact us to arrange your fixed fee interview today. If you instruct us, we will do the hard work for you, prepare the form and submit it to the adjudicator.
What happens once I am bankrupt?
We will advise you about the restrictions which apply to you. Most of these generally apply for one year, and cease upon the year expiring, This is called automatic discharge.
For specific advice about extensions of these restrictions, and the other pitfalls of bankruptcy please contact us.
Creditor’s petition
If you are owed a sum of money or have an unsatisfied CCJ you may decide that the best way of collecting that debt is to pursue the bankruptcy of the person who owes you money.
How much must I be owed?
You must be owed a sum in excess of £5000 if you wish to go down this route.
What do I need to do?
If you wish to go down this route with an individual you must first serve what is called a statutory demand. This a formal demand for the amount due.
Do I need a judgment against the debtor?
No. Not necessarily. It very much depends what the debt is that you are trying to collect. If there is some formal agreement to pay which the person who owes you has not kept to it would not normally be necessary. An example of this may be an agreement between friends to loan a sum of money. Having said this, if you do not have a judgment for the amount, and the person who owes you does not accept the money is owed or due to you, then this would not be an appropriate route for you to take.
What if the sum I am owed is in excess of £5000 and the person who owes me only disputes part of it?
If part of the sum which is due is not disputed and the undisputed part is more than £5000 it is still possible to proceed in respect of the undisputed amount.
What happens after I have served the statutory demand?
If the person who owes you does not pay within 21 days or apply to the court within 18 days to set the demand aside you can proceed to issue a bankruptcy petition. Once the petition is issued with the court, it will be served on the debtor and the court will set down a date for a hearing. At the hearing, a bankruptcy order is likely to be made. Exceptionally the court may adjourn for a further hearing at which the order will be made.
What does it cost?
The costs of bankrupting someone who owes you money are largely costs payable to the court and to the official receiver who will deal with your bankruptcy after the event.
Currently the court fees are £343, and the official receiver’s deposit is £1500. In comparison your legal costs will be relatively low.
How do I bankrupt someone else in practice?
Please contact us to arrange your fixed fee interview today. If you instruct us to bankrupt someone who owes you money, we will do the hard work for you, prepare all the papers, serve the relevant notice, go to court and issue the petition and attend the hearing, you will do nothing except arrive at court when we ask you to be there.