Now youve got your head around winding-up petitions and their impact on contractors, lets look at another area that limited company contractors might not exactly rush to explore, partly because for some it may have a stigma, and partly because its a bit mysterious, especially to those others whove never entered it before — bankruptcy, writes Gareth Wilcox, partner at Opus Restructuring & Insolvency.
And significantly, on the basis Im often asked the following, not just what is bankruptcy but is bankruptcy ever a good way forward for contractors?
What is bankruptcy?
What is Bankruptcy? Simply put bankruptcy (in the UK) is a legal process which provides for an individual to be released from debts which they cannot afford to repay. When a…
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