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Insolvency Service to increase cost of bankruptcy
The Insolvency Service will - from 1st June 2011 - increase the cost for a borrower to petition for bankruptcy, for a creditor to make them bankrupt, and for a company to enter compulsory liquidation.
A borrower petitioning for their own bankruptcy will face a one-off fee of £525, which is £75 more than they would have to pay now. A creditor petitioning for a borrower`s bankruptcy will face a rise of £100 to £700.
Companies entering compulsory liquidation will face a one-off fee of £1,165 - a rise of £165 from the current price.
A spokesperson at the IVA Advisory Centre commented: "While bankruptcy may be the most suitable solution for some borrowers, it`s important to understand that there are alternatives that may be more appropriate; an IVA being just one of them.
"We would advise anyone struggling with unmanageable debts to seek professional debt advice without delay to discuss their options."
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