When an individual or organization is declared bankrupt, they will be summoned to court for further questioning to gain insight as to why they have been declared bankrupt.
The Process:
There is a process that is undertaken when someone is declared bankrupt, and this is to find out what exactly is going on. A deep dive into all things financial will be looked at in order to understand how bankruptcy was decided.
Individual/Organization Summoned to Court
The individuals get examined in court to find out what has led to their bankruptcy. This is to ensure that no illegal activity has taken place that may have caused the bankruptcy.
Anyone Associated Summoned to Court
This is a good way of gaining more information and evidence regarding the bankruptcy and gaining more of an understanding of why the bankruptcy happened.
Gaining Information Relevant to Bankrupts Estate and Affairs
This is to clarify precisely and in detail how the bankruptcy occurred. Therefore, if there has been any illegal activity involved, the court will be able to keep hold of this.
Obtaining a Full List of Solicitors or Accountants Involved In Representing Individual/Organization
This will take place in order to gain every individual’s side of the story to see if it matches up. If there is a fault in the story, this is the quickest way to find out what it is.
Court Warrant to Seize Any Documentation Related to Estate and Affairs
Again, this is to ensure that the bankrupt has nothing to hide from the law.
Obtaining a Court Warrant for the Arrest of the Bankrupt
The reason this is done is to ensure that the bankrupt does not flee the country or get rid of any paperwork that proves his/her bankruptcy or gets rid of documentation involved in the bankruptcy. Another reason would be to prevent the individual from missing any examination by the court.
The Role of the Research Specialist in Bankruptcy:
In some cases, bankruptcy may occur due to shady scammers who take advantage of people who are unaware of the implications of bankruptcy or fraud. In most cases, however, people conceal their assets to avoid paying back what they owe. When one files for bankruptcy or is declared bankrupt, the idea is for them to be transparent with all of their paperwork; however, this doesn’t always happen. Cue the Research Specialist.
The role of the Research Specialist. in a bankruptcy case is to locate hidden assets by conducting a thorough investigation. They will then prepare a detailed report that will be presented in court. A Research Specialist may also be asked to testify at court regarding all of the information uncovered.
Anyone who suspects foul play from their debtors has a right to contact a PI and to gain the relevant information to either prove themselves right or wrong. The Research Specialist will have the means to be able to conduct an investigation such as this in detail and will have access to databases and public records that will aid in the investigation.