Good News Friday

disco_3

Hello All

7 days ago i came on to this forum asking advice for a friend about BR.

Since then i have had replies which have been very constructive and with the speed of lightning.

Even down to the obvious questions that all seem clear now i might have asked but fair play to you all, an aswer to every request.

Well 7 days on and as of today Friday the 11th of May my friend has been declared. Bankrupt.:T :T

Thanks once again for your support, Its downt to the OR now, will update when more develops.

Disco.:beer:

allofadither

Well done to your friend....(and to you for helping)....hope she can now enjoy a debt free future!

NekoZombie

Wow, quick mover! very pleased for her - I'm sure she won't regret it in the long run.

gettingitsorted

Great news about your friend disco .

Mike_St_Helens

Very good news indeed.. Thank god she has a good friend like you. If only we all had them in out time of need.

rog2

Hi Disco - don't forget that your friend will probably need as much support during her bankruptcy period as before. Why not get her to register here and she can count on our support. :beer:

disco_3

Hi rog2

I have mentioned to her regarding the forum but at the moment she is more concerned about what the OR will ask and any clauses they might impose.

I suppose when she receives the forms from the OR it might become a little clearer and after speaking to the OR.

Things she is wondering is.

How deep they go in to your finacial statements.

How much do they watch what your doing regarding financial affairs in the future. etc.

Thanks

rog2

disco wrote: »

Hi rog2

I have mentioned to her regarding the forum but at the moment she is more concerned about what the OR will ask and any clauses they might impose.

Will depend on OR, and whether she has to go for an interview or has a telephone interview. If she has to go for an interview, she should receive a booklet/form, from OR, with about 42 pages of questions. This is, Broadly, based on the form that she would have filled in when petitioning for bankruptcy.

I suppose when she receives the forms from the OR it might become a little clearer and after speaking to the OR.

Yes it will.

Things she is wondering is.

How deep they go in to your finacial statements.

Depends on circumstances - in my case two years, rarely more, but often less.

How much do they watch what your doing regarding financial affairs in the future. etc.

Obviously, during the bankruptcy period, her financial affairs are under strict scrutiny - she will, for example, have to inform OR, within 21 days, of any wage rises, or change in financial circumstances, which may affect any IPO/IPA that OR imposes.
Once she is discharged, then she is free of the obligation to inform OR of her finances.
Worth bearing in mind, though, that any IPO/IPA imposed during the bankruptcy period, will continue for 3 years.

Thanks

Ver brief reply, as more will become evident as her case proceeds. Have a look through the threads, and most questions will be answered.

Hope this helps.:beer:

Rog2

disco_3

Thanks
There is no chance of circustances changing as regards to work etc.

Interview is arranged by phone later this month.

Awaiting forms from OR. Should be here by Tuesday.

Nothing another than normal finacial transactions so dont expect any worries there.
Cheers rog2.
:beer:

Bakeybadoo

Well done to your friend for having the courage and strength to take the BR route and they are lucky to have a friend like you to help them through it too!