Giving bankrupts a bad name.

Whirlee

No its 18 months concurrent for each offence. So the total sentence is 18 months. Although if he behaves inside he'll be out in 9.

But as you say not bad for £143k, its a lot more than I'd earn in 9 or 18 months.

debtinfo

Although now that he has been found guilty of a criminal offence, The authorities have much greater powers to track down and confiscate proceeds, if any can be found

NeverAgain_2

...So the total sentence is 18 months. Although if he behaves inside he'll be out in 9...

Less three months on a tag, and less the mysterious extra month because the prisons are full.

RuthnJasper

Reading this, I was just wondering - is there a maximum number of times that a person (individually AND as a company director) can be made bankrupt - or could it carry on ad infinitum?

I'm just curious to know...

debtinfo

There is no set limit, but obviously each time you can be dealt with firmer and i presume that at some point (you would hope) people would stop lending you money

Whirlee

If the OR thinks you're a really untrustworthy debtor you can end up being subject to the bankruptcy restrictions for up to 15 years with a BRO or if you won't co-operate at all your discharge can be suspended indefinitely by the court.

Similarly company directors who can be trusted can be disqualified from acting as a director for 15 years.

A company can only be liquidated once (subject to restoration procedures) because once it is dissolved it stops existing. The directors might set up something similar, which can be offence.

RuthnJasper

Whirlee wrote: »

If the OR thinks you're a really untrustworthy debtor you can end up being subject to the bankruptcy restrictions for up to 15 years with a BRO or if you won't co-operate at all your discharge can be suspended indefinitely by the court.

Similarly company directors who can be trusted can be disqualified from acting as a director for 15 years.

A company can only be liquidated once (subject to restoration procedures) because once it is dissolved it stops existing. The directors might set up something similar, which can be offence.

Thanks Debtinfo and Whirlee, that's very interesting. I wondered, after I read something somewhere about a rogue going BR for the third time...

Whirlee

Eight months - fair or harsh? http://nds.coi.gov.uk/content/detail.aspx?NewsAreaId=2&ReleaseID=421439&SubjectId=2

IF

Whirlee wrote: »

Eight months - fair or harsh? http://nds.coi.gov.uk/content/detail.aspx?NewsAreaId=2&ReleaseID=421439&SubjectId=2

Whirlee, Fermi's already started a thread here

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> https://forums.moneysavingexpert.com/discussion/3522761

Whirlee

Ah thanks, hadn't spotted it. Been beavering away on another part of the forum, missed it!