ipa

uptheanti

just another question can an ipa be set up after discharge or does the or have to do it before your discharged if he/she is going too

fermi

Has to be signed before your are discharged for it to be legally binding.

Insolvency Rules 1986 as amended specifically requires that:

[6.193A.— Approval of income payments agreements

(1) An income payments agreement can only be entered into prior to the discharge of the bankrupt.

Mouse1812

IPA must be in place before discharge. Once set up however it can run for three years.

mazman83

If an IPA isn't set up before discharge they cant set one up after.

uptheanti

Thanks all for the replies cleared that up for me

PippaGirl_2

Just out of interest, what if someone started a job but didn't declare it and was discharged say a month or two after starting the job and the OR hadn't known about the job and they found out after. Anything the OR can do then?
I hasten to add, I am totally honest always, but the question just occured to me reading this question!

mazman83

If they find out they can still give the bankrupt a bro/bru, if I'm not mistaken.

Mouse1812

mazman83 wrote: »

If they find out they can still give the bankrupt a bro/bru, if I'm not mistaken.

Surely not once discharged, but

To answer pippa’s question:

You would now be in criminal territory and at risk of prosecution. I’m sure there could also be some very unpleasant consequences under the Proceeds of Crime Act, not worth it in my book. Bankruptcy may be bad enough, but to have a criminal record to boot with the incumbent risk of confiscation proceedings, no thanks.

mazman83

Ah ok, I'm sure I saw somewhere that the or had up to 12 months after discharge where they can issue a bro, but I might have miss-read that. My bad:o

Mouse1812

You could be right, I'm not sure. I'd just be more worried about doing porridge.

PippaGirl_2

yeah hate porridge