A bankruptcy order is made following a petition by either a creditor, the debtor or the supervisor of an IVA.
Once a bankruptcy order is made, the bankrupt's assets fall under the control of a Trustee who is either the Official Receiver or an insolvency practitioner.
The Trustee is responsible for realising the bankrupt's assets and distributing the proceeds among the creditors.
An individual is subject to a number of disabilities whilst bankrupt, which include prohibition from:
| i. |
Acting as a director of a company; |
| ii. |
Carrying on a business under any other name; |
| iii. |
Incurring credit of £500 or more without declaring his status. |
For further advice and assistance regarding any aspect of the above insolvency procedure, please contact BRI. We will discuss, free of charge, any further implications and alternatives with you. |
