How common are BRU/BRO's ?

kew63

Just wondered how common they are, starting to think hubbie will get one, although OR has just asked questions and hasnt said anything yet, but depends on how they view what's been going on.

Been reading up on the reasons why they can make you BRO and managed to convince myself he's going to get one.

So worried, just feel sick all over again. Been 5 weeks since BR and havent let ourselves relax yet, just think there's still big black cloud looming.

Hubbie seems to be ok, but I'm getting all the bad feelings back again & feeling very depressed about it all.

Dont know who to ask about it, not sure the charitys will be able to help, and just desparate for some advice.

Thanks

tigerfeet2006

On my time on here I think we have had 2 BRO's and that was pretty recent.

Why do you think he may get one? Why do you think it will be bad if he does?

kew63

It's from some accusations that one of the trade creditors made first to my hubbie's new boss, then couple of days later letter from OR.
He's said hubbie sold the stock & machinery cheap to new boss, he didnt, stock we can prove but machinery was 30-40 years old and we got what we thought was a fantastic amount of money for it, but what if OR thinks he could have got more.
Also that hubbie ordered materials that he had no intention of paying for and he didnt tell them how bad things were financially.
It's not true but just so scared what we have wont prove it to the OR.
The reasons I think OR could give him one if she suspects him of underselling the machinery, should have closed sooner and getting materials off creditors whom he thought he would be able to pay. Taxman & debtors put paid to that in last month of business.
Scared of BRU because it could be for 15 years, and it seems just forever having it hanging over us.

Thanks for replying

tigerfeet2006

(((hugs))) to you both. You don't have to accept the BRO if you don't think it is fair. The OR will then have to prove it all before a judge and you will be able to put your case across.

I seriously doubt he would get 15 years at all, more like 6 years. All the BRO does is impose the restrictions of BR for those years, does your OH want to become an MP? You are still discharged after 12 months.

I am assuming you have read the IS website and seen why people recieve them.

kew63

To be honest if they say he deserves one will accept a BRU so dont have to go to court, but just feels like a slap in the face.
We've spent all this year, first trying to close the business the best way we could, for staff, creditors and spent months clearing out the factory just the two of us, then three months trying every which was to come up with a solution, to be told that BR was only option before HMRC did it to him anyway.
His drawings from the company amount to petrol money and a few quid, he took virtually nothing out. It wasnt even his business to run how he wanted, it was his fathers, he took over running it but wasnt allowed to make the changes he wanted - he's just left with the responsibilty for all the debts.
Few years ago he sold his house to pay off company debts, he's got nothing to show for 15 years work, and he worked hard, and now potentially a BRU.
Just feels like our life is never going to be shot of this company and after all these months it feels like the final straw :-(

SouthCoast

This link gives some background to behaviour that has led to a BRO/BRU:

http://www.insolvency.gov.uk/databases/ddirector/viewdisqdirectorlatestresults2.asp

kew63

Thanks Southcoast - that gives me a bit of hope. Read some of the ones done in our area, and they were appalling. He's got good company records, accounts are up to date bar doing last tax return next year.
He didnt try to pull a fast one, and in fact the creditor in question tried to suggest that he should setup payments him outside of the OR, which he refused naturally. Can say hubbie's been daft in hindsight, but dishonest definately not. Just hope the OR see's it that way.
Thanks

debtinfo

The OR has to investigate if a creditor makes a complaint, but this does not mean that he will get a BRO/U, just that the OR has to fulfil due process. I cannot remember the exact figure but only about 2-3% of bankruptcies end in a BRO/BRU so they are fairly rare. If the Creditor is trying to get you to repay get them to put something in writing and take it straight to the OR as they are committing a bankruptcy offence, tell the OR that they are putting preesure on you to pay them by trying to cause trouble with false allegations

boseboy03

Agreed to my BRU in March this year, can't say it's going to have that much of a detrimental affect on my life. Nearly 4 years of not being able to become an MP etc hardly worth worrying about actually, just a few more letters to add to the list of abbreviations I have learnt in my quest through bancruptcy.