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Middlebrooks Business Recovery & Advice
United Kingdom
เข้าร่วมเมื่อ 5 มี.ค. 2021
A place for individuals, business owners and limited companies in financial distress to get tailored solutions.
How do I become bankrupt in Scotland?
How Do I Become Bankrupt in Scotland?
In Scotland, bankruptcy is called sequestration. Here's what you need to know:
📌 Creditor Petition: Creditors owed £10,000+ can petition the court to make you bankrupt. You’ll be notified and can make representations before the sheriff decides.
📌 Self-Sequestration: Individuals can apply for bankruptcy through the Accountant in Bankruptcy, often with the help of an insolvency practitioner.
📌 Choosing a Trustee: Self-sequestration allows you to choose your trustee and discuss crucial matters like home equity and monthly contributions.
Whether facing creditor petition or considering self-sequestration, we can guide you through the process.
Contact us for a free, confidential discussion.
#Bankruptcy #Sequestration #DebtRelief #Insolvency #Scotland
In Scotland, bankruptcy is called sequestration. Here's what you need to know:
📌 Creditor Petition: Creditors owed £10,000+ can petition the court to make you bankrupt. You’ll be notified and can make representations before the sheriff decides.
📌 Self-Sequestration: Individuals can apply for bankruptcy through the Accountant in Bankruptcy, often with the help of an insolvency practitioner.
📌 Choosing a Trustee: Self-sequestration allows you to choose your trustee and discuss crucial matters like home equity and monthly contributions.
Whether facing creditor petition or considering self-sequestration, we can guide you through the process.
Contact us for a free, confidential discussion.
#Bankruptcy #Sequestration #DebtRelief #Insolvency #Scotland
มุมมอง: 4
วีดีโอ
Directors loan accounts
มุมมอง 27 ชั่วโมงที่ผ่านมา
Directors of limited companies often use directors' loan accounts to move money between themselves and the company. What happens during insolvency? If the company owes the director money, the director is an unsecured creditor. It’s crucial not to repay themselves ahead of others to avoid unfair preference. Conversely, if the director owes money to the company, the loan account is considered an ...
Bounce back loans
มุมมอง 312 ชั่วโมงที่ผ่านมา
Many company directors are struggling to repay bounce-back loans taken during the pandemic. What are the options and risks? ⚠️ The good news is that banks weren't allowed to ask for personal guarantees, so directors usually have no personal liability. Your personal assets are safe. However, directors cannot simply strike off a company with debt, as creditors, like banks, will likely object. If ...
The UK's Consumer Debt Crisis
มุมมอง 1216 ชั่วโมงที่ผ่านมา
n the UK, consumer debt is a huge issue, especially for those under 35, with 55% seeking debt advice. 24% of the general population also struggles with bills and credit commitments. Impact and Stigma Debt can lead to serious issues like mental distress and even suicide. 58% of those with over £30,000 in debt have felt suicidal. Social stigma often stops people from seeking help. Misconceptions ...
Understanding the Role of Commissioners
มุมมอง 2วันที่ผ่านมา
What is a Commissioner in Sequestration? In a sequestration, creditors can become commissioners to assist the trustee, especially in cases of litigation or investigation. Becoming a Commissioner To become a commissioner, you must be elected at a creditors' meeting and have a valid unsecured claim. Up to five commissioners can be elected at once. No special qualifications are needed, and represe...
Tackling the UK's Debt Crisis
มุมมอง 7วันที่ผ่านมา
Latest Insolvency Data from the Accountant in Bankruptcy (AIB) From January to March 2024: Personal Insolvencies: Totaled 1,884, down by 32 from last year. Bankruptcies: Rose by 1.5% to 603. Protected Trust Deeds (PTDs): Fell by 3.1% to 1,281. Statutory Moratoriums: 971 granted, a 10.1% increase. Debt Arrangement Scheme (DAS): 1,234 debt payment programs approved (up 2.4%), 484 completed (down ...
What is a Moratorium?
มุมมอง 50หลายเดือนก่อน
🛡️ Understanding Moratorium: Your Shield Against Creditor Pressure In Scotland, a moratorium offers temporary protection to individuals facing financial difficulties: Definition: A moratorium shields you from creditor actions for six months, providing breathing space to explore your financial options. Debt Management: It's vital to note that a moratorium does not erase debt; interest and charge...
What Information do I need to Provide to Start the Insolvency Process?
มุมมอง 47หลายเดือนก่อน
To begin the insolvency process and receive tailored advice, our insolvency practitioner will require specific information from you: - Details of Creditors: Provide an estimate of the company's creditors, including the total number, amount owed, and any significant debts. - Overview of Assets: List all company assets, encompassing tangible items such as machinery and vehicles, as well as intang...
Alternative Pathways to Accessing the Insolvency Profession
มุมมอง 15หลายเดือนก่อน
Alternative Pathways to the Insolvency Profession: Katie's Journey Katie began her career in insolvency at 16, unknowingly stepping into her future. Initially seeking an admin job, she soon found her calling in insolvency, foregoing her psychology dreams. After a crisis of confidence and a brief hiatus in admin roles, Katie faced rejection for lacking a degree. She turned to Open University, ba...
How is my Income Assessed in a Bankruptcy?
มุมมอง 17หลายเดือนก่อน
How is my income assessed in bankruptcy in Scotland? 🏴 In Scotland, personal bankruptcy is known as sequestration. Here's what you need to know: 1) Voluntary or Court-Ordered: You can apply for sequestration voluntarily, or a creditor can petition for it. 2) Trustee's Role: A licensed insolvency practitioner will be appointed as your trustee to assess your income and expenditure. 3) Debtor Cont...
Can You Write off a Bounce Back Loan?
มุมมอง 49หลายเดือนก่อน
Many directors are struggling with repayments on bounce back loans taken out during the pandemic. Here's what you need to know: No Personal Liability: As a director of a limited company, you are not personally liable for the debt. Explore Options: Request a payment break or reduced repayment from your bank. Consider Liquidation: If the company can't continue trading, liquidation might be the be...
How to Tell People That You are Closing/Losing Your Business?
มุมมอง 83 หลายเดือนก่อน
The Middlebrooks team sat down to discuss the delicate topic of informing your stakeholders about the closure or loss of your business. Join us as we explore the nuances of timing, transparency, and legal considerations when communicating such news. Learn from experts as they share practical advice on navigating conversations with suppliers, employees, and the wider community during times of fi...
A Guide to Bounceback Loans for Company Directors
มุมมอง 154 หลายเดือนก่อน
Bounce Back Loans were introduced swiftly in response to the COVID-19 pandemic, providing much-needed financial support to businesses. However, their quick availability and ease of application have led to some challenges for directors. In this guide, we will look into the intricacies of bounce-back loans, discussing eligibility criteria, repayment terms, common misconceptions, and what to do if...
About Us | Middlebrooks
มุมมอง 104 หลายเดือนก่อน
Since our inception in 2015, we've been dedicated to offering a fresh, non-judgmental approach to assisting individuals and businesses facing financial challenges. From consumer debt relief to restructuring, we provide comprehensive insolvency and recovery solutions with a focus on support, positivity, improvement, commitment, and engagement-our SPICE values. We're more than just financial advi...
What is an Unenforceable Personal Guarantee?
มุมมอง 227 หลายเดือนก่อน
What is an Unenforceable Personal Guarantee?
What Information can I get from the IIR?
มุมมอง 157 หลายเดือนก่อน
What Information can I get from the IIR?
The Risks of Providing a Personal Guarantee?
มุมมอง 68 หลายเดือนก่อน
The Risks of Providing a Personal Guarantee?
How to Determine if a Personal Guarantee is Enforceable?
มุมมอง 98 หลายเดือนก่อน
How to Determine if a Personal Guarantee is Enforceable?
How Long do Records Remain on the IIR?
มุมมอง 138 หลายเดือนก่อน
How Long do Records Remain on the IIR?
How Can You Protect Yourself from Personal Guarantee Liability?
มุมมอง 138 หลายเดือนก่อน
How Can You Protect Yourself from Personal Guarantee Liability?
At What Point am I Not Allowed to Make Decisions
มุมมอง 139 หลายเดือนก่อน
At What Point am I Not Allowed to Make Decisions
Do I Need to Present Everything in Paper Form?
มุมมอง 59 หลายเดือนก่อน
Do I Need to Present Everything in Paper Form?
How Can Companies Prepare for Potential Insolvency?
มุมมอง 139 หลายเดือนก่อน
How Can Companies Prepare for Potential Insolvency?
Can I Get in Trouble During the Insolvency Process?
มุมมอง 19 หลายเดือนก่อน
Can I Get in Trouble During the Insolvency Process?
For shareholders what's the timeline after e5 and e6 forms have been filed before a disbursement is scheduled?
Questions - if you would be so kind to answer: 1. So, if a person has assets that could clear the debt in full, what advantage (if any) would sequestration have over the person simply selling their assets and clearing the debt?? 2. Wouldn't the person be better to simply sell their assets, clear the debts in full, and 'not' file for sequestration? 3. They could also apply for 6 months moratorium? - As far as I know, this does not do any damage and is purely breathing space to sort out their finances? True? 4. Albeit only a decree would do some damage to their credit record. Am I correct in all 4 points? Thank you.
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I don't know which scheme to vote on seriously confused but I think I have a claim
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