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A Guide to Bankruptcy Procedures in the UK
Sole traders and individual members of ordinary business partnerships are personally liable for the debts of their business.
If they have debts they cannot meet, they may consider – or be forced into – bankruptcy.
This factsheet explains what bankruptcy means and the implications it has for individual business owners. It explains the bankruptcy procedures in England and Wales and outlines the variations in Scotland and Northern Ireland.
Bankruptcy only applies to individuals. It should not be confused with insolvency procedures that apply to limited companies or limited liability partnerships. Insolvency procedures used for companies are dealt with in a separate factsheet, Company Insolvency and Liquidation.
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