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T O P I C R E V I E W
tim73
Posted - 19 March 2009 : 08:42:03 how long after your declared bankrupt does the O.R. decided whether to issue a I.PA., and what are the chances you could be declined bankruptcy? (i owe 32,000), thanks.
1 L A T E S T R E P L I E S (Newest First)
John
Posted - 19 March 2009 : 08:59:25 Hi
as long as the documentation is complete, you have the necessary funds in cash on the day and your debts outweigh your assets them you are insolvent and will be declared bankrupt.
The OR has up to a year to decide about an IPA.
For example when you declare your I&E may show that an IPA is not appropriate. The OR may then quite soon advise you verbally that an IPA is unlikely.
You are legally bound to notify the OR of I&E change. If you did so before discharge the OR would reconsider.
