Bankruptcy and insolvency Help Bankruptcy and insolvency Help
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  1. #1

    Nervous Newbie


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    Default Bankruptcy and insolvency Help

    Can anyone recommend a good involvency expert I can contact for a consultation? any idea how much it might cost for an initial consultation?

    Thanks in advance!

  2. #2

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    PSC or personal?

    Either way, the cost will be 5:1 more than the assets you have, ensuring your creditors will get nothing. (and you get squat)

    M
    Last edited by mjcp; 25th September 2020 at 14:28.

  3. #3

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    Many Insolvency Practitioners offer a free initial consultation. In fact I'd say it's probably the norm. Many deal with both personal and company insolvency although some do specialise.

  4. #4

    Fingers like lightning

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    Quote Originally Posted by mjcp View Post
    PSC or personal?

    Either way, the cost will be 5:1 more than the assets you have, ensuring your creditors will get nothing. (and you get squat)

    M
    Do you really think that if someone is asking for an insolvency practitioner that they are in the right place to hear that tulipe from you? There are time to be a dick and times not to.

  5. #5

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    Quote Originally Posted by RasputinDude View Post
    Do you really think that if someone is asking for an insolvency practitioner that they are in the right place to hear that tulipe from you? There are time to be a dick and times not to.
    As someone who has been through it, I am probably better placed to give experience than most on here!

    My question was relevant: personal (bankruptcy) or PSC (insolvency) ?

    My opinion is also accurate: the IP will inflate their costs to easily out weigh any assets on the table, the creditors will get squat.

    Which bit of the above is tulip?


    M

  6. #6

    bored now

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    Quote Originally Posted by mjcp View Post
    As someone who has been through it, I am probably better placed to give experience than most on here!

    My question was relevant: personal (bankruptcy) or PSC (insolvency) ?

    My opinion is also accurate: the IP will inflate their costs to easily out weigh any assets on the table, the creditors will get squat.

    Which bit of the above is tulip?


    M
    It might not be tulip but
    My opinion is also accurate: the IP will inflate their costs to easily out weigh any assets on the table, the creditors will get squat.
    isn't exactly helpful to the OP when he is considering what to do as it really does not tell him anything useful.
    merely at clientco for the entertainment

  7. #7

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    Quote Originally Posted by eek View Post
    It might not be tulip but

    isn't exactly helpful to the OP when he is considering what to do as it really does not tell him anything useful.
    Guarantee whoever he speaks to for a "free consultation" wont tell him in no uncertain terms!

    Only after the creditors meeting (which OP doesn't get to go to) will he notice that the IP can charge "up to" XX% of recovered assets as fees, which the creditors will have waved through, not believing that the IP *WILL* find a way to raise their "costs" to match whatever they get signed off!

    M

  8. #8

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    @alexandl2020 I have no idea if you are a sockie or not. If you want a chat, PM me.

    M

  9. #9

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    eek's Avatar
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    Quote Originally Posted by mjcp View Post
    Guarantee whoever he speaks to for a "free consultation" wont tell him in no uncertain terms!

    Only after the creditors meeting (which OP doesn't get to go to) will he notice that the IP can charge "up to" XX% of recovered assets as fees, which the creditors will have waved through, not believing that the IP *WILL* find a way to raise their "costs" to match whatever they get signed off!

    M
    Again - how does the fee the insolvency practitioner charge directly impact the OP? It may impact the creditors of the OP but how does it directly impact OP and the decision the OP has to make.

    As unless you can give me a valid explanation of the impact those fees will impact the OP personally your statement was irrelevant, completely unhelpful and scaremongering.
    merely at clientco for the entertainment

  10. #10

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    Quote Originally Posted by eek View Post
    Again - how does the fee the insolvency practitioner charge directly impact the OP? It may impact the creditors of the OP but how does it directly impact OP and the decision the OP has to make.

    As unless you can give me a valid explanation of the impact those fees will impact the OP personally your statement was irrelevant, completely unhelpful and scaremongering.
    It depends on Personal vs PSC.

    PSC - Typical contractor's company, probably irrelevant as its a £100 ltd.

    Personal - He may think he has £30K of personal debt (credit cards, tax whatever), he can go bankrupt and his unsecured debt is tied off. He may hear figures of £20K in fees etc. He may think: "Ah, I've got £100K in equity, they will sell my house, but I'll still have 50K left over...

    The IP will look at it and think "how do I get all of that £100K?". The answer is £5K+VAT a month in management fees, plus some legal costs (lawyers are *always* well priced aren't they!?), insurances etc etc etc pretty soon the "min £20K + "up to" 30% of assets recovered" is 100% of the equity from his £500K home.

    Sure, you can challenge their fees (remember how lawyers a good value?) in court... but its rarely successful.


    So, how does it impact the decision? He may decide to take a hit on the house and sell quickly... it will probably work out cheaper in the long run.


    M

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