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Guest Charlie The Tramp

Company Winding Up And Bankruptcy Petition Statistics

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Guest Charlie The Tramp

Department of Constitutional Affairs Company Winding Up and Bankruptcy Stats Q1 2006

In the first quarter of 2006 the following number of petitions were issued:

3,150 company winding up petitions - an increase of 8.9% on the petitions in the same quarter of 2005;

5,615 creditors' petitions - an increase of 15.5% on the petitions in the same quarter of 2005;

13,897 debtors' petitions -an increase of 84.6% on the petitions in the same quarter of 2005.

Table 1 shows the number of company windings up, and creditors' and debtors'

cwubps_q1.pdf

cwubps_q1_t2.pdf

cwubps_q1.pdf

cwubps_q1_t2.pdf

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Debtors petition, you claiming bankruptcy because you can't pay your mortgage.

Creditors petition, your mortgage company asking for you to be made bankrupt so that they can reposess your house(s).

Amazing, personal debtors filing for backruptcy up 400% on 2003. The graph is literally exponential. Why could that be? People borrowing and being lent to much money perhaps. What would it be like if more stress was added to the system such as an increase in interest rates or unemployment. Hold on, we're about to find out.

Edited by uro_who

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When is the ONS report on unemployment released, if I remember it's usually around the 15/16th.

We can expect to see unemployment continue to rise...

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Guest Guy_Montag

What happens if you cannot afford to petition for bankruptcy & none of your creditors will do the decent thing?

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Guest Charlie The Tramp

What happens if you cannot afford to petition for bankruptcy & none of your creditors will do the decent thing?

I believe they suggest you borrow it. ;)

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What happens if you cannot afford to petition for bankruptcy & none of your creditors will do the decent thing?

The court may well waive the court fee (£150) but not the deposit (£325) which goes to the Official Receiver. In practice most will withdraw the cash on a credit card or borrow from friends/family if the C/C is exausted.

Unsurprisingly personal cheques are not accepted. :o

Debtors petition, you claiming bankruptcy because you can't pay your mortgage.

Creditors petition, your mortgage company asking for you to be made bankrupt so that they can reposess your house(s).

Amazing, personal debtors filing for backruptcy up 400% on 2003. The graph is literally exponential. Why could that be? People borrowing and being lent to much money perhaps. What would it be like if more stress was added to the system such as an increase in interest rates or unemployment. Hold on, we're about to find out.

You don't have to have a mortgage. Basically if you cannot afford to pay your debts as and when they fall due you can petition the court to declare you bankrupt.

Your mortgage company do not need to petition for your bankruptcy to realise their security.

They would only consider this if there was a shortfall AFTER repossession and sale of the security.

Edited by Solvent Celt

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The court may well waive the court fee (£150) but not the deposit (£325) which goes to the Official Receiver. In practice most will withdraw the cash on a credit card or borrow from friends/family if the C/C is exausted.

Unsurprisingly personal cheques are not accepted. :o

You don't have to have a mortgage. Basically if you cannot afford to pay your debts as and when they fall due you can petition the court to declare you bankrupt.

Your mortgage company do not need to petition for your bankruptcy to realise their security.

They would only consider this if there was a shortfall AFTER repossession and sale of the security.

Thanks SC it was just a rather lose example on my part.

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Thanks SC it was just a rather lose example on my part.

No problem. I'd just add that the Judge doesn't have to make the order. He may ask for a report from an Insolvency practitioner or even refuse if he thinks a bankruptcy order is inappropriate in the circumstances. However both these scenarios are rare.

It is more likely that he will "Rubber Stamp" the order - the more applications he has the less time he has to go into the details of the petition.

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Guest Charlie The Tramp

It is more likely that he will "Rubber Stamp" the order - the more applications he has the less time he has to go into the details of the petition.

His rubber stamp will be working overtime on this list.

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  • 338 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
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      • up 5%



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