Bus Pass Decline for Bankrupts

Dimey

alastairq wrote: »

Why so? You take that chance when money [or services in lieu] are lent out.

At least, with Bankruptcy, it allows creditors to have a share of assets realised by the OR. Sometimes a creditor may suffer losses..that is a chance all creditors take when lending.....but, as often again the creditors receive full remuneration.

Money isn't lent out in good faith..it is a calculated risk.

Without BAnkruptcy, the alternative for creditors is probably even more stressful...as the Courts [if the debtor handles them correctly] will not offer anything like the return over a short time that BR can.

There are myriad creditors of bankrupt people. Not just banks who lend money.

Many are individuals and families who paid deposits and money for services the bankrupt person failed to deliver. And individuals and small businesses who did work the bankrupt person failed to pay for.

alastairq

Many are individuals and families who paid deposits and money for services the bankrupt person failed to deliver. And individuals and small businesses who did work the bankrupt person failed to pay for.

And as such, they all have the ability to place their claim with the Official Receiver.

And, having done so, they are able to access all of the Bankrupt company's/individual's assets, as realised by the Official Receiver.

Access to assets that, without Bankruptcy , they would not have.

Dimey

alastairq wrote: »

And as such, they all have the ability to place their claim with the Official Receiver.

And, having done so, they are able to access all of the Bankrupt company's/individual's assets, as realised by the Official Receiver.

Access to assets that, without Bankruptcy , they would not have.

No one is disputing that.

I don't understand what is going on here. Maybe you are wanting to twist my comments into your own agenda that I know nothing about.

I'll leave you to it.