Upon the making of a Bankruptcy Order, for a period of twelve months thereafter the person declared bankrupt (the debtor) has certain obligations to his or her trustee in bankruptcy and certain restrictions placed on his or her actions and conduct.
These restrictions are summarised below. The debtor cannot:
- borrow more than £500 without telling the lender that he or she is bankrupt
- act as a director of a company or be involved in the formation, management or promotion of a company without the court’s permission
- carry on business in a name or trading style different to the one under which he or she was made bankrupt
- be a trustee of a charity
- work as an insolvency practitioner
- sit or vote in the House of Commons or the House of Lords
- be a school governor
- be a solicitor or accountant
Next Steps
If you want to find out anything further about this topic then please feel free to call me on 0330 236 9930, 0330 236 9938 or 07961 116321. All conversations will be in strict confidence. You can also email me vee@navigatebr.com.
This article is for information and interest only. It is not a substitute for full professional advice, which will take in to account the specific and individual circumstances. Navigate Business Recovery Limited cannot accept any responsibility for any loss arising as a result of any person or organisation acting or refraining from acting on any information.
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