In times of economic difficulty many individuals and businesses struggle financially and when they cannot meet their financial obligations court action may be taken against them.
There are two types of insolvency the first being; 1. Absolute Insolvency – the debtor’s total liabilities exceed his or her total debts and 2. Practical Insolvency – the debtor cannot pay his or her bills as they fall due although his assets may exceed his/her liabilities there is a cash flow problem and there is not enough cash available to pay the creditors.
Where an individual debtor is deemed to be insolvent the Creditor may raise a Petition at Court for his/her sequestration. The result being you are made bankrupt.
We can assist you with advice on your options and in defending such actions and/or negotiating with the creditor(s)
If you require legal advice on this matter please complete the Contact Us form on this webpage or call us on 0141 334 7686.