Since their inception in 2010 Debt Relief Orders (DROs) have proved very successful in assisting debtors with a relatively small amount of debt and little or no assets, don’t own their own home, have less than £50 disposable income every month after the bills are paid.
Originally a debtor had to have less than £15,000 in debt and assets of less than £300 before a DRO was granted.
However the Government have now moved the goalposts and a debtor can now have up to £20,000 of debt and assets of less than £1,000.
Debtors can apply for a DRO but it has to be through an intermediary such as the local Citizens Advice Bureau. The cost of the application is £90, but some charities may help with this.
It is important for anybody facing financial difficulties, whether personally, directors of limited companies or partnerships, to seek advice from a licensed insolvency practitioner as soon as possible.
For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices.
Redman Nichols Butler has had a York office for over six years now. John Butler specialises in advising SME businesses in York and North Yorkshire. The Redman Nichols Butler York office address is Westminster Business Centre, Nether Poppleton, York, YO26 6RB.
Redman Nichols Butler has had a Driffield office for 19 years now. Andrew Nichols specialises in advising SME businesses in East Yorkshire. The Redman Nichols Butler Driffield office address is Maclaren House, Skerne Road, Driffield, East Yorkshire, YO25 6PN.
Redman Nichols Butler has had a Scunthorpe office for nearly 4 years now. Mark Neumegen specialises in advising SME businesses in Scunthorpe, Grimsby and all over North East Lincolnshire. The Redman Nichols Butler Scunthorpe office address is Suite 8b, Normanby Gateway, Lysaghts Way, Scunthorpe, DN15 9YG.