Post BR - Question on form re. 'Are you insolvent?'

SadEyed

Hi everyone. I haven't posted for a while. Went BR in May - one of the hardest but best things I ever did. Thanks again to this forum. I even got early discharge this week - just over 5 months - couldn't believe it!

I still work part-time and run a small business as well, so I'm managing to live. I have been offered a small part time job (literally 2 hours a week) that I'd like to do as it is helping a friend out. The company has sent me an employee details form which has a section in it 'Insolvency and Bankruptcy' There are 3 questions.
One is about my property which is not relevant.
The other is 'Are you an undischarged bankrupt' which I can now answer 'No'.
The other question is 'Are you insolvent?' Err, I dunno - am I? I don't think so. Doesn't Insolvent just mean 'Unable to pay your debts?'

I'd appreciate any thoughts.
Thanks

confused76

i would have thought the answer is now no to both of those questions...

skylight

I would have said No to the undischarged bit and also NO to being insolvent. Because you no longer are; you don't owe anything anymore so your income/assets (what they are!) outweigh what you owe, which is nothing. You are insolvent when your outgoings are more than your income/assets.

Some people may be the other way round - not yet a BR but insolvent (as you were before BR).

sizzler

Hi there

It’s all a question of what toyr financial position is at the time you fill it in. I would assume you have no liabilities therefore you can’t be insolvent. Solvency is all about debts. If you have none then you can’t be insolvent.

So No.

Hope this helps sizzler:)

fermi

No, you are not insolvent.

ani_26

But then, if you had a bro, would you technically still be classed as insolvent?


Actualy, i guess the answer to that is probably no? but just thought i'd check, please ?

skylight

Even with a BRO the answer to the insolvent bit is no. You are solvent the day of the BR order as your liability to all debts goes and a BRO simply extends your BR restrictions not the BR itself. You can also be discharged but still under a BRO.

ani_26

Thanks for that prompt reply. Yes i realise about the discharge bit, that you still get your AD.

Thanks Nohope

fermi

Nohope wrote: »

But then, if you had a bro, would you technically still be classed as insolvent?

No......................

SadEyed

Thanks everyone - thats really helped. Feels good to be honest about things now - not trying to hide after years of ducking and diving trying to avoid the various creditors.
I am solvent now! Things seem possible now whereas they didn't before.
Thanks again and good luck to anyone still going through it.

All the very best
(Not so) Sad Eyed Girl