Court tomorrow

inthe-shiznit

Just completing my BR paperwork for d day tomorrow. I am worried due to a lack of accounts for my business (last 6 months or so when the shiznit hit the fan - no money to pay accountant) I will be subject to a BRO. If this happens will the bankruptcy last on my credit report for longer than the standard 6 years. Also is my understanding right that I will still be discharged after 12 months regardless of a BRO? At this point I do not think I will get an IPA - once discharged can an IPA be added at a later date due to a BRO?

Hoping I won't get one but having to tick 'nothing to declare' on all some accounts questions has worried me somewhat so need to be prepared.

Many thanks

Mr_E_3

May the force be with you fellow time traveller ...

startagain_2

inthe-shiznit wrote: »

Just completing my BR paperwork for d day tomorrow. I am worried due to a lack of accounts for my business (last 6 months or so when the shiznit hit the fan - no money to pay accountant) I will be subject to a BRO. If this happens will the bankruptcy last on my credit report for longer than the standard 6 years. Also is my understanding right that I will still be discharged after 12 months regardless of a BRO? At this point I do not think I will get an IPA - once discharged can an IPA be added at a later date due to a BRO?

Hoping I won't get one but having to tick 'nothing to declare' on all some accounts questions has worried me somewhat so need to be prepared.

Many thanks

Hi there inthe-s,

I am no great expert but I think this is correct....

A BRU/BRO lasts anything from 2 - 15 years and you aren't discharged until it is finished.
An IPA cannot be set up after you are discharged purely because when the OR discharges you it is because your afffairs and their interest in them are completed.
HTH and Good Luck

SA

deedee_3

inthe-shiznit wrote: »

Just completing my BR paperwork for d day tomorrow. I am worried due to a lack of accounts for my business (last 6 months or so when the shiznit hit the fan - no money to pay accountant) I will be subject to a BRO. If this happens will the bankruptcy last on my credit report for longer than the standard 6 years No . Also is my understanding right that I will still be discharged after 12 months regardless of a BRO? Yes At this point I do not think I will get an IPA - once discharged can an IPA be added at a later date due to a BRO? No

Hoping I won't get one but having to tick 'nothing to declare' on all some accounts questions has worried me somewhat so need to be prepared.

Many thanks

I am sure you will be fine tomorrow.

Costus

Good luck, things are never as bad as they seem.

Take it in your stride, you will come through it the other end no matter what they throw at you.

philnicandamy