BRO/BRU and IPA/IPO question...

Experiment626

If you end up with a BRO/BRU, do you still get discharged after the 12 month period but have the restrictions in place for the full period of the order/undertaking? Or does a BRO/BRU extend the period of the actual bankruptcy itself?

If the answer is the latter...does this mean that an IPO/IPA can be started in any period during the BRO/BRU?

Obviously if it's the former i'm guessing that if you don't get an IPA/IPO before discharge then you don't ever get one?

fermi

Experiment626 wrote: »

If you end up with a BRO/BRU, do you still get discharged after the 12 month period but have the restrictions in place for the full period of the order/undertaking?

Yes.

Or does a BRO/BRU extend the period of the actual bankruptcy itself?

No.

If the answer is the latter...does this mean that an IPO/IPA can be started in any period during the BRO/BRU?

An IPA/IPO can only be started while you are undischarged.

Obviously if it's the former i'm guessing that if you don't get an IPA/IPO before discharge then you don't ever get one?

Absolutely correct.

Experiment626

Thanks Fermi...always like your answers, clear, straight to the point with no messing around and no grey areas!

sweeper12

Hmmm

I didn't know any of that - am still waiting for BRO/BRU decision. If you do get a BRO/BRU then, can you still remove your name from the public register or does it have to stay there for financial institutions to see ?

Thanks

fermi

sweeper12 wrote: »

I didn't know any of that - am still waiting for BRO/BRU decision. If you do get a BRO/BRU then, can you still remove your name from the public register or does it have to stay there for financial institutions to see ?

The Register contains:

• details of bankruptcies that are either current or have ended in the last 3 months
• current individual voluntary arrangements and fast track voluntary arrangements
• current bankruptcy restrictions orders and undertakings.

1) No BRU/BRO

Once you are discharged your status on the 'Insolvency Register' will be updated to indicate that you have been discharged. After a further 3 months your details will be removed completely.

2) BRO/BRU.

This will be recorded on the 'Insolvency Register' until it expires.

The 'Insolvency Register' can be searched from here:

http://www.insolvency.gov.uk/bankruptcy/bankruptcysearch.htm


However, there is also a separate register to record BRU/BRO's, and your details will be recorded here and be publicly searchable.

The 'Bankruptcy Restrictions Search' is available from here:

http://www.insolvency-service.co.uk/ddirector/brobrusearch.htm