Generally, the company formally contracts to make agreed contributions to a licensed insolvency practitioner who distributes it among the creditors. A CVA, most typically, lasts up to five years and is a viable option for companies with historic debt problems, or one-off unforeseen causes of debt.
You must declare your bankruptcy to anyone lending you more than £500.
All of your bank accounts will be frozen when you go bankrupt. For them to be released you must apply to your Trustee (usually an insolvency practitioner).
You can still open new bank accounts – but the majority of banks close down any accounts of bankrupt customers, so it can be difficult.