What is the outcome of a bankruptcy hearing?
The Court can choose to proceed with one of the following: Stay the proceedings – Occasionally the Court can delay the proceedings as it may require more information, before it can make an informed decision about making a bankruptcy order. The Bankruptcy order is dismissed – for reasons known by the Court. Another outcome is an IVA – the Court may appoint an Insolvency Practitioner to assist you with your finances by tying you into an IVA agreement with your creditors, for more information about IVAs click here. A bankruptcy order is made – you are declared bankrupt by the court, effective immediately.
