Case Study - 48 Hours from Bankruptcy

Even if time seems like it has run out on your options, we can usually find a way to help you.  The following case study shows how we were able to help someone turn things around just 48 hours from their final bankruptcy hearing.

Wednesday 13th October 2010

Mr F came to our office very concerned about a Bankruptcy hearing on Friday 15th October for a 3rd petition regarding HMRC payments. HMRC would not agree to a third adjournment.

Thursday 14th October 2010

We liaised with the HMRC and prepared a proposal for an Individual Voluntary arrangement with Mr F’s creditors.  We also arranged for Counsel to attend the hearing to obtain an order to adjourn the bankruptcy hearing. 

Friday 15th October 2010

Counsel attended the hearing on behalf of Mr F and the case was adjourned for 3 months to allow the creditors to consider the Individual Voluntary Arrangement.

The creditors were sent a copy of the proposal and notified of the meeting of creditors to consider the IVA proposal.

CONCLUSION

On 10th November Creditors including HMRC approved the IVA proposal and there will be no petition hearing

Mr F says:

"I was highly impressed in how Gibson Hewitt managed my crisis with the highest professionalism.   I approached Gibson Hewitt at the 11th hour for a bankruptcy hearing and I was delighted with the outcome they managed to achieve in such short notice, I will highly recommend their services to anyone who is facing financial pressure from creditors."