If a bankruptcy order is made against you, the official receiver, or a trustee in bankruptcy will be appointed and you may no longer have control over certain assets.
You may find it extremely difficult to obtain credit in the future and your bank accounts may be frozen or closed.
If you are liable to pay business rates as a company, we may decide to take winding up action against you. If the court winds up your company, the official receiver or an insolvency practitioner will become liquidator of the company and your company will cease to trade.