Bankruptcy proceedings

Bankruptcy proceedings

At Sherrards we advise on all bankruptcy issues, whether for insolvency practitioners, individuals, creditors or others affected by bankruptcy.

Trustees in Bankruptcy

Our Insolvency team can advise trustees in bankruptcy on all aspects of personal insolvency. We regularly handle:

  • Possession and orders for sale applications and recovery of assets. This involves liaising with the bankrupt and/or a third party in order to sell their property, or making an application to court and submitting evidence in order to obtain an order to sell the bankrupt’s property and realise their beneficial interest.
  • Application for suspension of discharge from bankruptcy. If a bankrupt does not co-operate with the official receiver or their trustee in bankruptcy, we can make an application to court in order to suspend their automatic discharge from bankruptcy.
  • Antecedent transactions (transactions at an undervalue and preference claims). Where trustees in bankruptcy find that the bankrupt has disposed of assets prior to bankruptcy or repaid some of their creditors in priority to others, we can assist with tracing the dissipated assets or making an application to court for an order to restore the position to what it would have been if the bankrupt had not entered into the transaction.
  • Principles of equity of exoneration and equitable accounting claims. We advise trustees in bankruptcy on jointly-owned properties where the spouse or co-owner of a bankrupt claims a greater interest in the property, or where either owner takes equity out of the property for his or her sole benefit. This may involve making an application to court to oppose or support such claims.
  • Registration and withdrawal of restrictions on registered title of property. We can make applications to the Land Registry to place restrictions on the title of bankrupt’s property, so disposal cannot be made without the trustee in bankruptcy being alerted. An application to have these restrictions removed should be made at the conclusion of the matter.
  • Placing charges over a bankrupt’s property. If for any reason a trustee is unable to realise the property in a bankrupt’s estate, we can assist with making an application to court to secure the trustee’s interest in the property.
  • Applying for freezing orders to protect assets in the course of litigation and undertake tracing both in the UK and overseas. We have an extensive global network of professionals whom we regularly call upon to assist in these situations.

Individuals

We regularly advise individuals and their businesses in dealing with the effects of personal insolvency, such as:

  • Challenging statutory demands and bankruptcy petitions;
  • Supporting/opposing principles of equity of exoneration and equitable accounting claims;
  • Defending transactions at an undervalue and preference claims;
  • Advising generally on all aspects of bankruptcy;
  • Annulments of bankruptcy order;
  • Defending claims for possession.

Creditors

We can issue statutory demands and bankruptcy petitions where money is owed to you by an individual.

We advise creditors in relation to individual voluntary arrangements, the bankruptcy process, lodging and pursuing proof of debt, challenging the actions of a trustee or costs issues.