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| T O P I C R E V I E W |
| Searcher |
Posted - 25 July 2010 : 02:48:37
Hi again everyone
I’ve been reading up about BROs and it all sounds potentially scary when you look at some of the examples of actions that could attract one.
“Incurring debts that you knew you had no reasonable chance of being able to repay” and “Carrying on with your business when you knew, or should have known that you were insolvent” seem to me to be somewhat open to interpretation and a matter of considered opinion. A lot of people’s business income has suffered in the last couple of years and many of us have struggled to try to turn matters around when we have fixed overheads but declining turnover.
Unfortunately, in many cases this involves a degree of “speculating to accumulate” or should we say “putting sufficient fuel in the tank to ensure an effective take-off”? I would be interested to hear what other people on this forum think about this, please – are we worrying unnecessarily?
If a BRO is made, say for 5 years then does this usually mean that you would be on a 5 year IPO instead of 3 years?
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| 4 L A T E S T R E P L I E S (Newest First) |
| debtinfo |
Posted - 25 July 2010 : 14:29:59
I can assure you that about 90% of the people who go bankrupt have made some bad moves along the way.
The OR's job is to sift out those that have done that on purpose or not |
| Searcher |
Posted - 25 July 2010 : 14:20:46
Thanks for coming back (and to "gettingoutofdebt" too)- it is much appreciated.
quote:
Originally posted by debtinfo
Also only about 4% of people get a BRO, do you think you are in the worst 4% of all the prople going bankrupt this year?
No, not really - just stressed out and sensitive (both of us.) We've always tried to do the right thing but maybe in hindsight we made some bad moves along the way, trying to climb out of the mess. As the saying goes "the road to hell is paved with good intentions"  |
| debtinfo |
Posted - 25 July 2010 : 08:51:38
Also only about 4% of people get a BRO, do you think you are in the worst 4% of all the prople going bankrupt this year? |
| gettingoutofdebt |
Posted - 25 July 2010 : 08:28:28
The BRO only affects the time that the BR restrictions apply and not the length of time that you are BR (1 yr) or that you pay an IPA (36 months).
A BRO really isn't worth worrying about as there is nothing you can do about it. Chances are most people who declare BR have been insolvent for quite a while before realising it and have probably taken additional credit when they were insolvent.
The best advice is to be completely honest with the OR, provide all of the information (bank statements, credit details, etc.) that is requested by the OR and then keep your head down for the 12 months you are BR. |
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