What powers does the OR have? Discharged when?

arcon5

Hi guys,

So I'm waiting for the OR to send me a time slot for the interview (had a brief 10minute chat with her already) and wondering:

Q1:
What powers does the OR actually have? I understand they can in theory bring criminal charges against you and create an IPO for up to 3 years... But what else are they able to do?

Q2:
Who determines when I'm discharged?
When I left court the lady said once I leave the court I will be bankrupt and undischarged for 12 months. But I thought for some reason this was determined by the OR...? Or am I wrong? Does the OR have the power to extend this?

Thanks

alastairq

hi

#1.....The OR has massive statutory powers.

Once the BR petition is ordered, the OR immediately takes full control of all your financial dealings.

Everything.

The OR is charged with realising all your assets for the benefit of creditors.

The fact that the BR person is left with sufficient to provide a reasonable standard of living is a concession the OR allows.

Hence, you get to keep domestic goods & chattles, etc.

The OR has the power to reverse legal transactions that took place prior to the BR petition.

These being either financial transactions, or changes of interest. [see another thread below?]

The OR has the power to bring to the notice of the Court any unlawful happenings.

[The OR is a Court Officer]..e.g. fraud, etc.

In exchange, the OR relieves the BR of responsibility for dealing with unsecured debts...and protects the BR person from future actions by creditors.

#2

In the normal course of events..ie, the OR's investigations into your previous financial affairs, Discharge from the duties of BR occurs after 12 months, automatically. However, the OR can apply for a suspension of discharge if investigations have not been concluded.

Sometimes, the OR can apply to the Court for an Early discharge.

Bankruptcy is one of the most powerful legal states an individual can petition for.

Hence, the powers of the OR are indeed wide ranging.

But....conversely, the OR also is open to negotiation on many aspects.