Bankruptcy, Debt Agreements & Arrangements with Creditors
Bankruptcy is a procedure, defined by law, permitting the release of debts and, where assets are available, the orderly distribution of funds between creditors. Bankruptcy may be an initiated by a creditor or alternatively, as a voluntary measure by a debtor themselves.
Bankruptcy is a process that can have serious effects upon the ability of a person to obtain credit later and the fact of the bankruptcy is a matter for public record, including on any credit reference report.
Access Law can help to explore all options before a position of bankruptcy is reached, or imposed by a creditor.
There are also administrations under the Bankruptcy Act which are known as Personal Insolvency Agreements or Debt Agreements which can provide an alternative to bankruptcy or debtors in certain circumstances
Of course, arrangements can also be made with creditors outside of the Bankruptcy Act although doing so may, of itself, constitute an act of bankruptcy. It is essential that these things are properly managed and Access can offer an obligation free consultation to determine whether we can be of assistance.