Adcroft Hilton Business Recovery Insolvency Practitioners
DEBT RELIEF ORDER
If you have little to no spare income and few assets, a DRO could help you write off debts and make a fresh financial start.
What is a debt relief order?
It is an alternative to Bankruptcy. However, it is only suitable if you fit the following criteria:
- Debts not to exceed £50,000
- Assets are not worth more than £4,000 in total
- Surplus income must not exceed £75 per month
- You must have lived or worked in England or Wales in the last three years
- You haven’t been the subject to a Debt Relief Order in the last six years.
- The procedure for this is very similar to Bankruptcy and the same restrictions apply. Your case would be dealt with by the Official Receiver and there is no cost for an Order.
For more information regarding Debt Relief Orders, please follow this link:
https://www.gov.uk/government/publications/getting-a-debt-relief-order
GET IN TOUCH
Blackpool Office
269 Church Street, Blackpool, FY1 3PB
Telephone: 01253 299 399
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Carlisle Office
Warwick Mill Business Centre, Warwick Bridge, Carlisle, Cumbria, CA4 8RR
Telephone: 01228 558899
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Limited Companies
Individuals & Sole Traders
Our Client Testimonials
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