Advice You - Finance

If you cannot pay your debts one option is to file for bankruptcy. Your creditors can also make you bankrupt. If you go bankrupt then your assets can be sold to raise money to settle your debts. Outstanding debts are written off after a certain period of time, usually one year. The Enterprises Act of April 2004 changed many of the

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

rules governing bankruptcy.

How do I file for bankruptcy?

In order to make yourself bankrupt you need to obtain and complete a form from your local county court offices. The petition can also be completed online then printed off to hand in to the court. Unless you are on a low income or certain benefits, court

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

osts will have to be paid in cash when the form is submitted. Your local court may not accept your petition as only larger county courts deal with bankruptcy. Once submitted the judge will hear the case. If the order is made then you will have an appointment with the Official Receiver. They will go through a wide ranging questionn

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

aire with you. This will include details of income, outgoings, assets, pension details, and so on.

How can a creditor make me bankrupt?

A creditor can make you bankrupt if you owe them ?750 with no agreement on how the debt will be repaid. A creditor must first send you a Statutory Demand which offers you three

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

ptions:

to pay the debt
to use property you own to secure the debt
to agree with the creditors a method of payment (such as instalments)

The creditor can apply for a bankruptcy order 21 days after the Statutory Demand is served. In some cases you can apply to have the demand set aside. This may

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

happen if there is a dispute over amounts owed.

What are assets?

Valuable items such as antiques, expensive electrical equipment and cars may well be sold. However basic items of clothing, bedding, furniture and household goods are not treated as assets. A car can be exempt if it is necessary for your job but yo

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

may have to buy a cheaper vehicle. Other items necessary for your work may also be exempt. This could include tools or books. Your home is treated differently to other assets. If you own property it can be sold to release any equity in it. This can be delayed for up to 1 year to give your partner and children tim

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

e to find alternative accommodation. If you are the sole owner the whole value of your home is transferred to the Official Receiver. The Receiver will be entitled to your share of the equity on a jointly owned home. It may also be decided that you have a beneficial interest in the property even if you are not name

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

on the mortgage. The joint owner, family or friends may be able to buy your share of the equity by making an offer to the Receiver. Otherwise the property is likely to be sold. Your home will not be sold immediately if there is little equity in it. However the Receiver retains their interest in the property for 3 years. If the va

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

lue has increased it could still be sold or have a charge placed on it.

What about my pension?

The law affecting pensions was changed on 29 May 2000. If you have been made bankrupt since then your pension should be unaffected by bankruptcy. The exception is if you have made large payments into a pension so that

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

our savings are not used to pay creditors. However if you were made bankrupt before 29 May 2000, then a personal pension can be taken as an asset.

Will my salary be affected?

If you have a high income with a surplus after paying ordinary expenses you may have to make payments from your salary. The Receiver will

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

ecide whether this is appropriate. Most bankruptcy orders end after one year. However you may have to sign an Income Payments Agreement to pay monthly instalments for 3 years. The Official Receiver must be informed of any change of circumstances and if you don’t pay the court may serve an Income Payments Order instead.

Wh

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

at are the effects of bankruptcy?

Bank and building society accounts will be closed. The bank or building society may allow you to open another account with permission from the Receiver. Gas, electricity and telephone companies will not allow you credit terms. A business that belongs to you, and is currently trading, is

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

ikely to be closed. It will be difficult to be self-employed if you need credit of more than ?500. You should check your contract of employment as some jobs will be affected by bankruptcy. Some professional organisations prohibit bankruptcy so you would be struck off. The bankruptcy order will be registered with credit reference a

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

gencies for 6 years. When applying for loans after this you could still be asked if you have ever been bankrupt. Bankruptcy details can be published in local and trade papers. If you are bankrupt it is a criminal offence to obtain credit of more than ?500 without telling the lender. You must also disclose the name used when you we

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

e made bankrupt if you use a new business name. You are not allowed to be the director of a company without permission or to act as an Insolvency Practitioner.

What is a Bankruptcy Restriction Order?

A Bankruptcy Restriction Order can be made against you if the Official Receiver believes your conduct has been un

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

fit. Unfit conduct includes gambling, lack of proper accounts for your business, trading or taking out credit knowing you could not pay, trying to avoid including assets in the bankruptcy by giving them away, favouring some creditors, lack of co-operation with the Official Receiver, concealing property from the Official Receiver.

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

he Bankruptcy Restriction Order will appear on a public register and could last from 2 up to 15 years. You cannot be an MP, a local councillor, director of a company or an insolvency practitioner. Also you must inform the lender of the order if you apply for credit of more than ?500, and you cannot form a new company without permi

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

ssion. It is a criminal offence to break the order.

How can I be discharged from bankruptcy?

If you have been made bankrupt since 1 April 2004, you can be discharged automatically after 1 year. This applies however much you owe and could happen earlier if you co-operate with the Receiver. However this does not a

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

ply if you have been bankrupt before or the Receiver has suspended your automatic discharge. A Certificate of Discharge can be issued if proof of your discharge is required. This will cost ?60. If the bankruptcy order should not have been made or if you have paid all the debts and expenses, you can apply to have the order annulled

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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