Learn about Bankruptcy

Will you lose your assets?

The Official Receiver will need to know about all of your assets and it will be up to them to decide what you can and can't keep.

What can I keep?

Some assets are exempt from being sold, such as tools required for your job, pension funds and household goods needed for basic living.

What could be taken?

Anything else could be sold by the Official Receiver to recover money to pay back your creditors.

Some of your assets may be considered as "unreasonable", which means that the asset could be sold and replaced at a significantly cheaper cost. Any unreasonable assets you have such as sports cars or boats are certain to be sold.

Assets which are valuable but nonessential to basic domestic living, especially if they require money to maintain, like Horses for example, could be considered to be unreasonable assets and will most likely
be sold.