Bankruptcy is the process whereby a natural person is unable to pay debts incurred and/or are due and, as such, all his available assets are used to indemnify all of his creditons on a pro-rata basis.
INSOL can advise individuals whether bankruptcy is an option to be considered. An individual with insufficient assets is usually preferable to opt for bankruptcy.
In case of bankruptcy we will accept an appointment as Trustee in Bankruptcy. Our specialist team will assess whether the bankrupt has surplus income over and above his/her debts, claim any property acquired
by the bankrupt, for as long as the bankrupt remains undischarged from his bankruptcy, recover any voidable dispositions and reverse any fraudulent transactions.
We can advise the bankrupt and their representatives on rights to retain property, including pension rights. We can also assess the possibility of an arrangement with his creditors.