How do I… declare myself Bankrupt?

For some people, Bankruptcy is the best solution to help deal with their financial problems. For those that fit the Bankruptcy criteria, the process can seem long and, sometimes, confusing.

With the correct guidance the process can be a lot less stressful, so here is a brief guide to help you understand the process.

The first part to the process is to locate your local County Court and contact them to request an application form. You would also need to confirm with them the court fee. To locate your county court, you can either look up under Courts in the phone book or visit http://hmctscourtfinder.justice.gov.uk/HMCTS/ to find your nearest court. You can also visit http://www.bis.gov.uk/insolvency/About-us/forms/england-and-wales to download the forms, they are forms 6.27 and 6.28

Once you have received your application form you will need to make an appointment to attend court. You would always need to attend court in person as you will need to present your completed forms to the judge. Whilst at the court you will be required to make your payment for Bankruptcy including court fee and an administration fee.

Once you have attended court, you will then be assigned an Official Receiver. Your Official Receiver or OR will then work with you to determine how long Bankruptcy will last, how much your contributions will be and how much your assets are worth.

For more information about what Bankruptcy is then please click here or visit your local Citizens Advice Bureau.

Written by Gemma on April 25th, 2012

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Bankrupt website owner faces wrath of 100,000 solicitors

Solicitors from Hell website owner Rick Kordowski is being threatened with court action by more than 100,000 lawyers after he set up the website which names and shames members of the profession alleged to have given bad service.

It is not the first time Mr Kordowski’s website has been the cause of controversy. The bankrupt self-employed graphic designer has been sued 16 times for libel and still owes more than £150,000 in fines. Mr Kordowski, who sees the website as a public service, told the Independent: “There’s a need for my website, as many people have said, and it makes them feel better for being able to post on it.“All I need is an appropriate story from someone which is useful to other people and their contact details.“I see it as helping people voice their complaints – and it has been working: authors have contacted me and said, ‘I’ve now sorted it out with my solicitor, please can you take my listing down’.”If Mr Kordowski refuses to close his site down, he will appear before a High Court Judge to face charges of alleged defamation, harassment and breaches of the Data Protection Act. He must also promise not to launch a similar site in the future.More than 100,000 solicitors, represented by the Law Society, have banded together to threaten him with legal action if he fails to shut down his website.

It seems that Mr Kordowski remains defiant, having reportedly threatened to sue the Law Society’s chief executive Des Hudson himself for defamation.

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'Wannabe' football tycoon is bankrupt

The man who used the services of a convicted criminal in an attempt to take over Sheffield Wednesday has been bankrupt.

Geoff Sheard’s bid for the club was fortified using the services of a convicted money launderer. Mr Sheard used a fake letter from an offshore Caribbean bank in his bid for Sheffield Wednesday, and is also suspected to have fronted a bid to take over Newcastle United.

In 2008, after it was revealed by the Yorkshire Post that a bank letter sent to Sheffield Wednesday claiming that Mr Sheard had 100 million euros available for investment was fraudulent – it had in fact been produced by criminal financier Richard Frank Downes, Sheard’s involvement with the club bid came to an abrupt halt.The Dominican Republic bank which was said to hold the funds for the Sheffield Wednesday takeover was not in fact operational.Not long after this incident, it was uncovered that Mr Sheard had also been taken to court over a string of personal debts. A series of county court judgements included a number of charges on Mr Sheard’s former home near Lancaster. It is understood that the residence has since been repossessed, The Yorkshire Post reports. It was in fact after these revelations that Mr Sheard was reported as having been the front man in a failed bid to take over Newcastle United. It has now been revealed that Mr Sheard filed a bankruptcy application in Application. The order was then made at Lancaster County Court. It is not known how many creditors were affected by the bankruptcy, but it is expected that Mr Sheard’s debts run into several hundreds of thousands of pounds. The bankruptcy is due to be discharged 12 months after the date of the original order, pending the outcome of inquiries by the Insolvency Service.
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Bankrupt property developer jailed for hiding £143k

A property developer has been jailed following the discovery of £143,000 which he hoarded when he was declared bankrupt.

An investigation by The Insolvency Service led to their discovery that Giles Nicolas Gilbey, a 47 year old builder and property developer from Peterborough removed £143,000 from his home which would have equated to his main asset. Mr Gilbey pleaded guilty before Northampton Crown Court to removing the share of the sale of his family home in cash. He then failed to give a satisfactory explanation of what happened to the money to the Official Receiver even though he was legally required to do so. Stephen Speed, Chief Executive of The Insolvency Service, said: “people genuinely struggling with debt who want to benefit from the debt relief arrangements offered by the insolvency regime must be prepared to declare all of their assets or face the penalty imposed on them. “It is for the Official Receiver to decide which assets should be sold for the benefit of the creditors and which may be retained by the debtor.”Ian West, Deputy Chief Investigation Officer with the Department for Business, Innovation and Skills said: “Mr Gilbey’s prison sentence sends a clear message to bankrupts who attempt to put their financial assets beyond the reach of their creditors. The Insolvency Service and the Department for Business will investigate and take robust action when we find evidence of funds being hidden to the detriment of creditors.” In the prosecution brought by The Department of Business, Innovation and Skills, Mr Gilbey did not contest two charges of removing property and one of failing to provide a satisfactory explanation for a loss. Mr Gilbey, who had been pursued for unpaid debts for a number of years before he was made bankrupt, was well aware that any profits from the sale of his property should have been paid to his creditors. As a result Mr Gilbey was sentenced to serve six months imprisonment for each of the three charges, which will run concurrently. He will therefore serve a total of 18 months in prison. 
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Bankrupt footballer has £2.2M debt slashed

A former football star is set to repay just a fraction of his debts totalling a staggering £2.2 million.

The former Blackburn Rovers and Scotland defender, Colin Hendry, will avoid the repayments of more than 98 per cent of his debts.

Hendry, 45, who developed a gambling problem following the tragic death of his wife Denise almost two years ago, could repay just £36,000 of his debts after agreeing a deal that would take into consideration a number of properties which would clear at least part of the sum.

The rest of the repayments will depend on how much he earns over the coming years as a TV football pundit on ESPN.

Aged 42, Denise Hendry died in 2009 from a meningitis-like infection, following complications to correct a botched liposuction operation seven years’ previous.

Earlier last year, dad-of-four Hendry came clean during an interview with the BBC in which he admitted to drinking heavily and gambling to cope with the grief.

But now, despite being made bankrupt with £2.2 million debts, the Daily Record reports that the accountant overseeing his bankruptcy has written to his creditors informing them he will pay back just £1,000 per month over three years.

Hector McFarlane, a former friend who claims he loaned £95,000 to Hendry, told the Scottish paper: "I am just flabbergasted. I stand to get back £1,800 of the money I loaned him. It's an absolute disgrace." 

Mr McFarlane continued: "His lifestyle's hardly changed. He lives one of the best lifestyles of people I know. I gather he gets more than £1,000 a game as a TV pundit."

Hendry’s biggest creditor however is HM Revenue & Customs, who he said to owe £1.3 million. He is also reported to owe £65,000 to his late dad's estate, £35,000 to his brother and £10,000 to Denise's parents.

Howard Walker, son of the late Blackburn chairman Jack Walker, was also listed as a creditor, as was online betting firm SpreadEx.

Debt Management Today reported back in September that Hendry had sold his luxury home in Lytham, Lancs for £1.7 million but after paying off mortgages and loans there is said to be no cash left.

Hendry now rents a home in an exclusive development in Lytham, where his neighbours include several current English premier league stars – despite being restricted to £500 rent allowance by his bankruptcy trustee.

Hendry started his career with Dundee before spells at Manchester City, Rangers, Coventry City and Bolton Wanderers, and was capped 51 times for Scotland and captained them during Euro ’96. He has also tried his hand at management with Blackpool and Clyde.

The bankruptcy will cease automatically after three years unless the trustee applies to the court for an extension.

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Ex-Leeds United director bankrupt for another decade

Leeds County Court has extended the amount of time that a former Leeds United director and property developer will be bankrupt by another ten years after he failed to reveal all of his assets to recovery specialists representing his creditors.

The court ruled that Mr Simon Morris had “dealt with monies held in bank accounts in his name after the date of the bankruptcy order to the detriment of his bankruptcy creditors.”His company SRM Holdings had a portfolio of over 500 residential and commercial properties in Leeds, but went into administration in October 2008 with debts of over £50million owed primarily to high street banks. Mr Morris was consequently made redundant and declared bankrupt a year later.A bankrupt is normally discharged after a year and released from most of their debts owed but Morris’ discharge has been suspended for ten years, a move that forensic recovery specialist Kevin Mawer of KPMG described as “extremely unusual” to the Yorkshire Post.“An individual is normally entitled to an automatic discharge from bankruptcy one year after being made bankrupt,” Mr Mawer commented. “However, a trustee in bankruptcy can make an application to court for that automatic discharge to be suspended in instances where a bankrupt has failed to co-operate with the trustee’s enquiries.”The Serious Fraud Office dropped their investigation into Mr Morris last year due to insufficient evidence, and though he has been arrested and his house has been raided a number of times due to accusations of money laundering and fraud, he has yet to be charged and still vehemently proclaims his innocence.
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Bankrupt footballer has £2.2M debt slashed

A former football star is set to repay just a fraction of his debts totalling a staggering £2.2 million.

The former Blackburn Rovers and Scotland defender, Colin Hendry, will avoid the repayments of more than 98 per cent of his debts.

Hendry, 45, who developed a gambling problem following the tragic death of his wife Denise almost two years ago, could repay just £36,000 of his debts after agreeing a deal that would take into consideration a number of properties which would clear at least part of the sum.

The rest of the repayments will depend on how much he earns over the coming years as a TV football pundit on ESPN.

Aged 42, Denise Hendry died in 2009 from a meningitis-like infection, following complications to correct a botched liposuction operation seven years’ previous.

Earlier last year, dad-of-four Hendry came clean during an interview with the BBC in which he admitted to drinking heavily and gambling to cope with the grief.

But now, despite being made bankrupt with £2.2 million debts, the Daily Record reports that the accountant overseeing his bankruptcy has written to his creditors informing them he will pay back just £1,000 per month over three years.

Hector McFarlane, a former friend who claims he loaned £95,000 to Hendry, told the Scottish paper: "I am just flabbergasted. I stand to get back £1,800 of the money I loaned him. It's an absolute disgrace." 

Mr McFarlane continued: "His lifestyle's hardly changed. He lives one of the best lifestyles of people I know. I gather he gets more than £1,000 a game as a TV pundit."

Hendry’s biggest creditor however is HM Revenue & Customs, who he said to owe £1.3 million. He is also reported to owe £65,000 to his late dad's estate, £35,000 to his brother and £10,000 to Denise's parents.

Howard Walker, son of the late Blackburn chairman Jack Walker, was also listed as a creditor, as was online betting firm SpreadEx.

Debt Management Today reported back in September that Hendry had sold his luxury home in Lytham, Lancs for £1.7 million but after paying off mortgages and loans there is said to be no cash left.

Hendry now rents a home in an exclusive development in Lytham, where his neighbours include several current English premier league stars – despite being restricted to £500 rent allowance by his bankruptcy trustee.

Hendry started his career with Dundee before spells at Manchester City, Rangers, Coventry City and Bolton Wanderers, and was capped 51 times for Scotland and captained them during Euro ’96. He has also tried his hand at management with Blackpool and Clyde.

The bankruptcy will cease automatically after three years unless the trustee applies to the court for an extension.

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Prince Andrew's 'erotic' ex declared bankrupt

An ex-girlfriend of Prince Andrew’s has filed for bankruptcy after collecting forms earlier this week from Kensington town hall that have enabled her to apply for housing benefits and income support.

Koo Stark, the American 52-year-old daughter of TV hostess Kathie Norris and film producer Wilbur Stark, has been on the brink of bankruptcy for the last two years with debts of over £250,000 and a 13-year-old daughter to support.Miss Stark started dating Prince Andrew following a blind date after his return from the Falklands war in 1981. He took her on holiday and to meet the Royal family at Balmoral, but their relationship ended after 18 months when it came to light that Miss Stark had played the part of a young boarding-school girl in an erotic B-movie called ‘Emily’ in the ‘70s. She went on to marry Green Shield Stamps heir Tim Jefferies while Prince Andrew went on to wed Sarah Ferguson.She has remained friends with Prince Andrew however, and when she had her second mastectomy in 2003 he sent her a bouquet of flowers. Her financial situation at this point was already so dire that she had to leave the hospital in the US just six hours after the operation because she couldn’t afford the fees.Prince Andrew is also godfather to her daughter Tatiana.Having never filled out forms for income support and housing benefit before, Ms Stark turned to Brigit Cunningham for help, who earlier this month revealed how she was seduced by the married Leader of the House of Lords, Mr Strathclyde.Miss Cunningham, former art-dealer and socialite, said to the Daily Mail: “Koo got in touch with me because she knew our circumstances were similar. We are both single mothers in desperate straits – in fact Koo’s situation is far more extreme than mine.“Koo’s life is a living hell. I feel so sorry for her and I am walking her through the benefits system because it is a very traumatic thing for someone to have to go through, especially for the first time.”

The threat of bankruptcy had been prompted by a lengthy stay at five-star Jumeirah Carlton Tower Hotel in Knightsbridge after Miss Stark was evicted following a disagreement with her Kensington landlord - during which time she racked up debts of £32,000 - as well as years of legal fees due to the ongoing custody battle with her ex-husband, American banker Warren Walker, over their daughter Tatiana.

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Prince Andrew's 'erotic' ex declared bankrupt

An ex-girlfriend of Prince Andrew’s has filed for bankruptcy after collecting forms earlier this week from Kensington town hall that have enabled her to apply for housing benefits and income support.

Koo Stark, the American 52-year-old daughter of TV hostess Kathie Norris and film producer Wilbur Stark, has been on the brink of bankruptcy for the last two years with debts of over £250,000 and a 13-year-old daughter to support.Miss Stark started dating Prince Andrew following a blind date after his return from the Falklands war in 1981. He took her on holiday and to meet the Royal family at Balmoral, but their relationship ended after 18 months when it came to light that Miss Stark had played the part of a young boarding-school girl in an erotic B-movie called ‘Emily’ in the ‘70s. She went on to marry Green Shield Stamps heir Tim Jefferies while Prince Andrew went on to wed Sarah Ferguson.She has remained friends with Prince Andrew however, and when she had her second mastectomy in 2003 he sent her a bouquet of flowers. Her financial situation at this point was already so dire that she had to leave the hospital in the US just six hours after the operation because she couldn’t afford the fees.Prince Andrew is also godfather to her daughter Tatiana.Having never filled out forms for income support and housing benefit before, Ms Stark turned to Brigit Cunningham for help, who earlier this month revealed how she was seduced by the married Leader of the House of Lords, Mr Strathclyde.Miss Cunningham, former art-dealer and socialite, said to the Daily Mail: “Koo got in touch with me because she knew our circumstances were similar. We are both single mothers in desperate straits – in fact Koo’s situation is far more extreme than mine.“Koo’s life is a living hell. I feel so sorry for her and I am walking her through the benefits system because it is a very traumatic thing for someone to have to go through, especially for the first time.”

The threat of bankruptcy had been prompted by a lengthy stay at five-star Jumeirah Carlton Tower Hotel in Knightsbridge after Miss Stark was evicted following a disagreement with her Kensington landlord - during which time she racked up debts of £32,000 - as well as years of legal fees due to the ongoing custody battle with her ex-husband, American banker Warren Walker, over their daughter Tatiana.

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Wednesday 14th July 2010

Barclays lifts lid on banking write-offs
Wednesday 20th February 2008

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Premiership goalkeeper declared bankrupt

Wednesday 26th January 2011

The Aston Villa FC goalkeeper Brad Friedel has filed for bankruptcy with debts of over £5 million despite receiving a weekly wage of £40,000.

The American has found himself in financial difficulties that relate to a not-for-profit football academy that he started in his native Ohio. RBS Citizens – the American subsidiary of the government-owned British bank - has now taken action in the US, while the Lorain County Auditor’s website also lists over £250,000 in unpaid property taxes relating to the 28-acre academy. Repossession proceedings have also started on a £260,000 house that the International keeper owns in Ohio.A spokesman for Brad Friedel said: “This is a technical bankruptcy and it is not anticipated that it will be in place for long as an application for an annulment will be submitted in the next few days. Arrangements are in place to deal with the issues which gave rise to the bankruptcy.”The former Liverpool and Blackburn keeper’s troubles may soon be further exacerbated by the fact that he is out of contract in the summer and may not be offered a new one by Aston Villa. They are currently trying to combat their own debts of over £70 million as recently-appointed French manager Gerard Houllier attempts to re-shape his squad.However, according to the website tribalfootball.com, a source close to Friedel has labeled the bankruptcy order from Macclesfield Crown Court a “technicality” and said it would be annulled at a further hearing during the next couple of weeks. The source said: “This debt will be repaid soon and then we expect an annulment. In the meantime, Brad is not insolvent and is not struggling with money.”
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Ex-Leeds United director bankrupt for another decade

Wednesday 9th February 2011

Leeds County Court has extended the amount of time that a former Leeds United director and property developer will be bankrupt by another ten years after he failed to reveal all of his assets to recovery specialists representing his creditors.

The court ruled that Mr Simon Morris had “dealt with monies held in bank accounts in his name after the date of the bankruptcy order to the detriment of his bankruptcy creditors.”His company SRM Holdings had a portfolio of over 500 residential and commercial properties in Leeds, but went into administration in October 2008 with debts of over £50million owed primarily to high street banks. Mr Morris was consequently made redundant and declared bankrupt a year later.A bankrupt is normally discharged after a year and released from most of their debts owed but Morris’ discharge has been suspended for ten years, a move that forensic recovery specialist Kevin Mawer of KPMG described as “extremely unusual” to the Yorkshire Post.“An individual is normally entitled to an automatic discharge from bankruptcy one year after being made bankrupt,” Mr Mawer commented. “However, a trustee in bankruptcy can make an application to court for that automatic discharge to be suspended in instances where a bankrupt has failed to co-operate with the trustee’s enquiries.”The Serious Fraud Office dropped their investigation into Mr Morris last year due to insufficient evidence, and though he has been arrested and his house has been raided a number of times due to accusations of money laundering and fraud, he has yet to be charged and still vehemently proclaims his innocence.
Manchester debt firm is liquidated owing creditors over £2.2m
Wednesday 11th August 2010

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Monday 2nd August 2010

Mortgage broker ordered to repay £1.5m of client money used to pay off debts
Wednesday 14th July 2010

Barclays lifts lid on banking write-offs
Wednesday 20th February 2008

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More pensioners going bankrupt

Over the past few years the number of people that have become insolvent has rocketed as a result of the difficult financial climate, the banking crisis leading to reduced availability of finance, the recession, and the huge number of job losses. Many people have been unable to keep up with their financial commitments, and have been forced to declare themselves bankrupt or opt for a solution such as an IVA.

According to figures there has been a steady increase in personal insolvencies for the past ten years, but it has recently been reported that personal insolvency numbers are now starting to decline. The figures were released by the Insolvency Service. However, whilst the decline in personal insolvency numbers will come as good news, the data has shown that bankruptcy is higher amongst some age groups compared to others.

Surprisingly the figures have shown that pensioners are the fastest growing age group of individuals that are filing for bankruptcy. In the space of ten years the number of people aged over sixty five that are filing for bankruptcy is said to have grown six times, and has also grown at a rate that is 50 percent faster than other age groups. The average age of people that file for bankruptcy is now 41, and overall men make up the majority of people going bankrupt. However, the number of women filing for bankruptcy is also growing, having increased from 29 percent in 2000 to 40 percent in 2009.

One industry expert said: “Although personal insolvency levels are no longer rising, they remain stubbornly high, reflecting the high levels of personal debt that persist across the country. If insolvency looms … the Insolvency Service’s booklet, ‘In debt? Dealing with your creditors’ provides clear and impartial information that will help you understand your options.”

Tags: industry, personal insolvency, insolvency, bankruptcy, personal insolvency levels, debt

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