Went bankrupt weds. Few questions...

DrMoosePLC

1) How does the OR look into your affairs? Do they request your statements from you or do they get them straight from the banks/credit card companies?

Do they have the right/powers to find out about what goes on in the accounts of people you may have done or will be doing business with or family etc?

2) Whether or not we officially need to report our bankruptcy to them aside, could we find insurance (vehicle, public liability etc) policies are voided by the bankruptcy? Can't think why they would but have no idea.

Thanks

egrescrimp

1) The OR will request you send everything you have, what you don't have they can request from your account holders/creditors.

If they query any accounts that show up that you pay money to on a regular basis, just explain what they are for - as far as I'm aware they can't access the other peoples accounts.

2) Some insurance companies don't like bankrupts, so I'd recommend checking your contracts and if in doubt contact your insurer.

TheGardener

1) How does the OR look into your affairs? Do they request your statements from you or do they get them straight from the banks/credit card companies? They will write asking you to send copies of everything over whatever time scale they chose - if you haven't got them they will be able to get them anyway - it just takes longer. Its always advisable to be as cooperative as possible.

Do they have the right/powers to find out about what goes on in the accounts of people you may have done or will be doing business with or family etc? It depends - if they suspect you have made 'preferential' payments to creditors or they suspect you have given away or tried to hide assets in family or other business accounts then they do have the power to investigate and to retrieve whatever they find - even reversing the sale of assets if they believe the asset was sold for less then it was worth. However, if we are just talking about a wife/husbands account and there is no suspected disposal of assets, they would have no need to look.

2) Whether or not we officially need to report our bankruptcy to them aside, could we find insurance (vehicle, public liability etc) policies are voided by the bankruptcy? Can't think why they would but have no idea. There is no need for you to report anything at this stage, the OR will write to all your creditors. If you have insurance then unless you are behind with payments (a BR debt) or stop making payments there should be no problem but its always wise to check your policy. When renewing your insurance you will likely find some companies wont give you instalments.