A Guide to Understanding Bankruptcy
- Price: £3.60
- Published: May 2016
- Type: Business Information Factsheet
- Format: PDF
Sole traders and individual members of a business partnership are personally liable for their business debts. If they have debts they cannot meet, they may consider - or be forced into - bankruptcy.
This factsheet explains what bankruptcy means and the implications it has for individual business owners. It explains the bankruptcy procedures in England and Wales and outlines the variations in Scotland and Northern Ireland. It also lists alternatives to bankruptcy in England and Wales, Scotland and Northern Ireland.