Bankruptcy restriction undertaking (bru)

Help_needed

Merry Christmas everyone

I went BR 7 months ago.

But i have now received a BRU for 3 years. My question is how dose this effect me?? I mean will i still have to inform the OR of everything for the next 3 years!!!!!!

dojoman

Have look at this.... You will still be discharged after 12 months..

What are the restrictions imposed by a BRU/BRO?
They are the same as those that apply to an undischarged bankrupt, namely:
The person must disclose their status to a credit provider if they wishes to obtain credit of more that £500.
The person must disclose their status to those they wish to do business with the name (or trading style) under which they were made bankrupt.
The person must not act as the director of a company or take part in its promotion, formation or management unless they obtain permission from the court to do so.
The person may not act as an insolvency practitioner or as receiver or manager of the property of a company on behalf of debenture holders.
In addition to the above the person also:

May not be a Member of Parliament in England and Wales
May not act as a local councillor
May not hold the office of school governor
May not hold other positions as contained in other legislation (The Insolvency Service has no control over the restrictions contained in other people’s legislation or in the rules of associations or governing bodies or professions).

Help_needed

Thanks,,
So do you think i will get early BR discharge once the BRU is in place?

Or will i still need to tell them my income etc for the next 3 years???

dojoman

I don`t think you will get an ED, but you should get automatic discharge after 12 months. Do you have an IPA in place?

Help_needed

No IPA.

I they likely to review it again before discharge??

dojoman

Help_needed wrote: »

No IPA.

I they likely to review it again before discharge??

Then once you are discharged you should not have to notify the OR of any changes. Hopefully some of the more knowledgable forumites can either confirm or correct that.

InnerPeace

Hi Help needed, I'm afraid having a BRO/U means they'll be no early discharge. Early discharge is discretionary and conduct before and after bankruptcy is one of the factors in the decision making process.

It's possible for your financial circumstances to be reviewed again before your discharge but unlikely unless your circumstances do actually change or something is noticed during the course of investigation to suggest that your surplus is greater than stated at bankruptcy.

If there's no IPA, after the discharge you don't have to notify the OR of changes, as Dojoman said.

Trollfever

May not be a Member of Parliament in England and Wales

This really bad news.:rolleyes:


.

piptom&AndyPandy

What did you get BRU for? If you don't mind me asking?

fermi

Have a look through some of the search results from here:

http://www.insolvency.gov.uk/databases/ddirector/brobrusearch.htm

Should give you an idea......

sizzler

Hi trollfever,

Like the reply:rotfl:

Reagrds sizzler