"Disadvantages of going bankrupt
To apply to go bankrupt you’ll need to pay a £680 fee. Other disadvantages of going bankrupt include:
if your income is high enough, you’ll be asked to make payments towards your debts for 3 years
it will be more difficult to take out credit while you're bankrupt and your credit rating will be affected for 6 years
if you own your home, it might have to be sold (but you may be able to apply to your local authority for re-housing)
some of your possessions might have to be sold, for example, your car and any luxury items you own
if you are, or are about to be, the right age to get your pension savings, these might be taken
some professions don’t let people who have been made bankrupt carry on working
if you own a business it might be closed down and the assets sold off
going bankrupt can affect your immigration status
your bankruptcy will be published publicly (although if you’re worried you or your family maybe the victims of violence, you can ask that your details aren’t given out)"
And of course the whole piggin' works is controlled by The Insolvency Service which administers compulsory company liquidations and personal bankruptcies and deals with misconduct through investigation of companies and enforcement. The man in charge is the Official Receiver of whom you need know but two things
1 He is an officer of the court and
2 He is a licensed mugger whose job is to liquidate as many assets as possible and re-distribute them as quickly as possible among the creditors according to their standing on the totem pole. He cannot sell the tools of your trade.
These are all things that may happen that is not to say they will but the name McCann is not a Kevlar Jacket a device by which one can walk on water or an exemption certificate from the law, whatever some may like to believe. In short they are as likely to cop a live one as anybody else.
