Bankruptcy - Anyone can go bankrupt, including individual
members of a partnership. There are different procedures for
dealing with companies and for partnerships themselves.When
a bankruptcy order has been made you must:
• Provide the Official Receiver with a full list of
your assets and details of what you owe and to whom;
• Look after and then hand over your assets to the Official
Receiver together with all your books, records, bank statements,
insurance policies and other papers relating to your property
and financial affairs
• Tell your trustee about assets and increases in income
you obtain during your bankruptcy. (Note: you are legally
obliged to inform your trustee of any property which becomes
yours during the bankruptcy. Such property includes lump sum
cash payments that you may receive, for example redundancy
payments or money left in a will);
• Stop using your bank, building society, credit card
and similar accounts straightaway
• Not obtain credit of £250 or more from any person
without first disclosing the fact that you are bankrupt.
• Not make payments direct to your creditors.
You may also have to go to court and explain why you are
in debt. If you do not co-operate, you could be arrested.
Buy to Let - A term used to describe
the purchase of a residential property for the sole purpose
of letting the property to a tenant.
Booking Fee - This is a fee normally
charged by a lender to secure a rate of interest on a new
mortgage. It is generally payable at the time of making an
application to the lender.
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