Managing Personal Bankruptcy - Alternatives to Bankruptcy by David Marsh

Author:David Marsh
Language: eng
Format: epub
ISBN: 9781847166906
Publisher: Straightforward Publishing

Bankruptcy restrictions orders

Before you’re discharged from bankruptcy you have to follow certain rules, covering things like getting credit and your working life. These are called restrictions. If the official receiver finds out you’ve behaved dishonestly or recklessly, a bankruptcy restrictions order (BRO) may be made against you. This would extend the period of restrictions for anything up to 15 years.

What is a BRO?

A BRO is a legal order from the court which extends the period of time for which you have to follow certain restrictions. As stated, this can be for anything from two to 15 years. The restrictions are the same as the ones you have to follow during the year before you’re discharged from bankruptcy, which say you can’t do any of the following:]

• get credit of £500 or more without telling the lender that you have a BRO

• act as a director or get involved with setting up, promoting or running a company without permission from the court

• carry out a business in a different name from the one under which you were made bankrupt, without telling everyone you do business with the name in which you were made bankrupt

• act as an insolvency practitioner.

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