They include the restrictions set out in insolvency law which you are subject to when you are made bankrupt and which are normally lifted when you are discharged from bankruptcy. These restrictions include the following:
You must disclose your status to a credit provider if you wish to get credit of more than £500.
You must disclose to those you wish to do business with the name (or trading style) under which you were made bankrupt.
You may not act as the director of a company or take part in its promotion, formation or management unless you get the court's permission to do so. (You can apply to the court for this.)
You may not act as an insolvency practitioner, or as the receiver or manager of the property of a company on behalf of debenture holders.
You may not be a Member of Parliament in England or Wales
are they that serious and do they affect you that much?
Say someone was to get the worst 15 year order...does that mean you are officially bankrupt for that time (instead of 6) or you just tell companies that your have one if u lend over £500?
i see from that article that you can lend 500 or less without declaring that your BR. why on earth would anyone want to go down that road after going through all the stress of bankruptcy
The restrictions described above do not affect your discharge from bankruptcy after one year, unless the Trustee applies for a suspension of your discharge which usually only occurs when you fail to co-operate with the OR.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
BRO / BRU - That Much of a big deal??
Posted - 25 June 2008 : 20:51:30
