Bankruptcy restriction undertaking (bru)

InnerPeace

Hi folks who've asked OP what the BRU is for...that's a bit of a personal question and what it's for doesn't affect the answer to the questions.

Do you have any more questions Helpneeded?

treading_carefully

dojoman wrote: »

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).

Does this mean that after discharge I can then do all of the above things ie be an MP:rotfl:,governor of a school etc.?

mm5ap

You can as long as you are not subject to a BRU which continues with the restrictions for whatever term the BRO is for.

fiveyearplan

I think they took out the School Governor one and that BRs can be one.

debtinfo

yep thats right fyp, its all in here if any one is interested in becoming a member of a coal authority

http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter25/part2/part_2.htm

MicheH

Really? I was under the impression I could never be a school governor, is it just for when I'm undischarged? Wow, not that I'm eager to be one, just worked in schools for so long and very impressed with my little ones school and wanted put the governor part to bed as I thought I would never get the opportunity.

debtinfo

Education

25.25 School Governance (Constitution) (England) Regulations 2003 (as amended by the Education (Disqualification Provisions: Bankruptcy and Mental Health) (England) Regulations SI 2006/2198
(paragraph amended September 2009)

An undischarged bankrupt is not disqualified from holding office, or continuing to hold office, as a school governor

Although i do have to break the news to you that im afraid you are not allowed to be part of the local flood defence commitee