Bankruptcy is a process where the debtor is publicly recognised to be insolvent.
Bankruptcy is not to be taken lightly - it has serious effects. Your assets will come under the administration of the Court's Official Receiver and eventually distributed among the creditors to pay off your outstanding debts. There are two types of bankruptcy. The Official Receiver will take charge of your property and handle the bankruptcy. You must co-operate with the Official Receiver or his deputies in every way possible.