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Bankruptcy is a legal proceeding involving a person or business that is unable to repay outstanding debts. The bankruptcy process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common. All of the debtor's assets are measured and evaluated, and the assets may be used to repay a portion of outstanding debt.

If you have a debt problem, one of your options for sorting it out might be bankruptcy. You can apply for bankruptcy if you can’t pay back your debts.
As well as applying for bankruptcy yourself, someone else you owe money to (a creditor) can apply to make you bankrupt, even if you don’t want them to. For a creditor to make you bankrupt, you must owe at least £5,000.


A strictly regulated intermediary who acts for a customer to find credit, usually a mortgage. Brokers can be online portals, referred to as comparison sites, businesses or individuals that refer you to a lender for the purpose of credit.

Brokers are often paid by commission, and this has to be ‘transparent’ – which means that customers have to be made aware of all commissions’ right from the start.

As there are now a multitude of different lenders offering many differing types of products the popularity of brokers has increased as it makes it easier for individuals to shop around for credit.

All brokers are regulated in the same way as lenders are, for example a credit broker will be regulated by the authority as a credit lender would be. As such they are subject to the same rules and potentially can be censured in the same way as a lender if they are deemed to have acted outside of regulatory boundaries.

City Energy Network may choose to accept referrals from authorised credit brokers for its products and services.  Any such broker will be pre-approved and declare their connection to us from the outset.

City Energy Network is also a Credit Broker in its own right and may refer its customers to a select panel of lenders for products that it believes to be suitable for its customers.  Any such activity will be pre-approved and the connection declared to the customer from the outset.

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