Bankruptcy Flashcards
1
Q
Legally what is Bankruptcy
A
A matter of law
2
Q
Who can apply to the law to become bankrupt?
A
Anyone (e.g. individuals, sole traders, partners of a partnership)
3
Q
When companies are bankrupt what are they placed into
A
Administration
4
Q
What can bankruptcy orders be made for debts over?
A
£5,000
5
Q
When did the amount for bankruptcy orders increase from £750?
A
Increased to £5,000 in 2015
6
Q
Who can bankruptcy orders be made by?
A
o The debtor – debtor’s petition made voluntarily by the debtor o Creditor(s) – creditor(s) petition the courts for an enforcement order
7
Q
When a person is bankrupt who administers their personal affairs?
A
The official receiver
