A BRU is a bankruptcy restrictions undertaking and is something agreed by the bankrupt and the official receiver's office. A BRO is a bankruptcy restrictions order and happens where a bru has not been arrived at, perhaps because the bankrupt would not agree to one and the matter ends up in the county court for ajudged to decide if one should be applied. bru's and bro's happen where the OR thinks that the bankrupt has been to blame for his/her situation or where he/she has not cooperated with the investigation and various other reasons. It is haphazard who gets one. It seems to me that some don't get them who sohuld and others do get them who shouldn't. You can search the insolvency service website for information about bru's and bro's as wells as searching for examples of people who have got bru's and bro's. I beleive that only a very small percentage of bankruptcies result in a bru/bro being applied to the bankrupt. BRU/BRO's essentially cause the bankrupt to have BR restrictions of an undischarged bankrupt continuing to be applied AFTER discharge for between 2 and 15 years.
Even if you do get a BRU/O you will still be discharged after 12 months (providing discharge isn't suspended) and any IPA will still only last for 36 months.
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
what exactly is a BRU/BRO ?
Posted - 24 November 2008 : 13:55:58
