Elantan's rant

mirakl

I think everyone on this board is in the minority. It seems to me that the two most common reasons for bankrupcy are either deliberate, spend it all because the stigma is gone, or get deeply in debt for whatever reason and then bury your head in the sand in the hope if you sing "la la la I'm not listening" for long enough it will all go away, whilst throwing out unopened bills and summons.

This is why I admire every person here. You've the balls to face up to reality and the honor to try and get out of the situation independently.

richardvc

mirakl wrote:

I think everyone on this board is in the minority. It seems to me that the two most common reasons for bankrupcy are either deliberate, spend it all because the stigma is gone, or get deeply in debt for whatever reason and then bury your head in the sand in the hope if you sing "la la la I'm not listening" for long enough it will all go away, whilst throwing out unopened bills and summons.

This is why I admire every person here. You've the balls to face up to reality and the honor to try and get out of the situation independently.

I couldn't have put it better myself !!

taxi97w

I'm more concerned about the fact that he's thinking of breeding dogs. I imagine he thinks that's easy money too, without consideration for the dogs' welfare!

ZTD

There was a study done in the US - and we can assume they're just about as honest/dishonest as the UK - and the main causes of going bust are (in no particular order:

• Divorce
• Unemployment
• Health Problems

Obviously they don't have free health care, so Health is even more of a hit than the UK. Fraud was a very tiny percentage.

IMHO, most problems can be laid at the door of thinking nothing bad will ever happen and so making no provision for it.

rog2

Hi Elentan,

We hear, all the time, of businesses building up huge debts, going bust and starting again, under a different name, the next day - in fact, if the truth is known, there is probably a thriving industry showing people how to do this at a price.
Your nephew probably thinks he is clever enough to do the same thing, but many of the people who do this will have been extremely clever in 'laundering' their money, and will have probably bought good legal protection.
I doubt, very much, that your nephew is in the same league, and when his accounts are examined by the OR there will be lots of questions. If the OR is not happy with the answers, he will have a legal obligation to report any suspicion of fraud, which is a criminal offence, punishable by possible imprisonment.
I wonder if he considered the implications of that on his family.
There are, as correctly pointed out, many of us, including myself, who are facing or have faced bankruptcy after trying all other ways of resolving our debt problems.
Whilst I am pleased that the stigma has, to a certain extent, been removed from bankruptcy, and am looking forward to the possibility of a 'fresh start', I would give my eye teeth not to be in this position.
Sorry for my rant, but I understand exactly where you are coming from Elentan.

Rog2

Richard_S

rog2 wrote:

Hi Elentan,

I doubt, very much, that your nephew is in the same league, and when his accounts are examined by the OR there will be lots of questions. If the OR is not happy with the answers, he will have a legal obligation to report any suspicion of fraud, which is a criminal offence, punishable by possible imprisonment.

Rog2

Hi Elentan,

I completely agree with Rog2, when we had our interview with the official receiver he was very thorough. Our was a complicated case because it involved both of us and our limited company and we hadn't knowingly done anything wrong but some of the questions really make you wonder what the h**l you were thinking about at the time.

He'll be very lucky to escape without facing a very thorough investigation. Our interviewer was very disapproving of us having taken a week's holiday about a month before our bankruptcy and we only had the cost of cheap flights to spain because we were staying at a friends villa. Pretty ironic really, cos we were struggling with a mountain of debt and think we would have gone insane if we'd not had the chance of a break (first one in years).

Another problem he's got is the fact that he's been boasting about it. Somebody will definitely report him and the o.r's office do act on that type of information. My opinion is that there is absolutely no chance of him avoiding serious problems; it really doesn't sound as though he's put much thought into his planning.

Rich

elantan

i totally agree with what most of you are saying ...will he still have these meetings even though he has been declared bankrupt? i think he thinks that that's it over and done with now and can just carry on as normal..i totally flipped when he mentioned the dog breeding..my friend breeds dogs and i know it certainly aint easy ..she loves her dogs and looks after them all exceptionally well ...i think he just thinks it's a get rich quick idea..he's not thinking about anything but himself..i wouldn't report him however as that is against my personal ethos ...i hope one day he will get his comeuppance...but i hope his family dont' suffer...feel free to carry on ranting i still am when i think about it...

rog2

The OR will be keeping a check on him, on a pretty regular basis, until he is discharged from bankruptcy as he will want to see if his circumstances improve and if there is any more cash for the creditors. Also, did he get an IPA yet - they last for 3 years.

elantan

rog i really don't know too much about it ..it was my mil that let me know...when i aasked my nephew he just went loopy saying he should be ashamed of himself etc and he was fed up of listening to his crap ..so i think he feels the same as us ....i'm sure i'll find out sooner or later what else is happening.. after reading some of the messages i felt like phoning him up and saying go on go and book that holiday thinking that he would get caught out that way ...there's bad bits in me ...

Richard_III_2

Elantan

Please keep us all informed as to what happens. I'd luv to hear how this turns out. Perhaps it will be an example of how it can go wrong. Otherwise I might just follow his route, I'm already stacking up a fair selection of CC just incase