LTADT and a BRO

[Deleted User]

I've had a letter saying my case has been transferred to Long Term Asset & Distribution Team.

I understand that's because of my IPA (which runs until new tax year) as that's my only asset.

My OR was talking about a BRO/BRU, but I've heard nothing else... My automatic discharge isn't for another 6 months so this seems very early to be moved to LTADT, which I've read is when they've 'completed investigations' - is that really the case?? If so does that mean they've not bothered to give me a BRO for whatever reason?

The letter was very vague. Am I safe from a BRU now?? Or is there a chance my original OR will hit me with one in a few months time?

National_Debtline

Hi Somerset


It's not unusual for a case to be passed to LTADT within 6 months of going bankrupt (as appears to be the case here). However, the OR can seek a BRO/U at any time within 12 months of your bankruptcy order (or later with the court's permission).


Had the OR actually highlighted any specific reasons for which a BRO/U might be sought in your case? Or were they just talking in general terms about restrictions?


Dennis
@natdebtline

[Deleted User]

Thanks, so they still could do that even though they've passed it on?

They did yea - they said because of gambling it was likely 'for a few years', but that was at my initial interview - I've heard nothing about it since.

tigerfeet2006

I'm afraid so. BRO/U tend not to be sorted until around the last 1/4 ofthe BR.

[Deleted User]

Ahh shame, looks like I'm far from safe then!

I was going to reject the BRU and get them to take it all the way to court, but been strongly advised to accepted the BRU if its 5 years or less (so will drop off my credit record at the same time as the bankruptcy marker) as at court they whack extra years on.

Negotiation & mitigating circumstances may have to be the way forward!

alastairq

Since a BRU is but a continuation of the restrictions when bankrupt [ie, cannot be a company director, etc]....would you find not being allowed to be a school governor a problem?

HAve ICI offered you a directorship? Would you have to turn them down?

[Deleted User]

Hah I wish! My understanding is that because it also stays on the Government insolvency register as a BRO/BRU, getting future credit would be even harder as obviously there has been judged to be blameworthy conduct by the ex-bankrupt. In due course that's something that would be a pain.

For example some companies will offer mortgages once discharged for 3 years - one of the reasons I went for bankruptcy as opposed to either the default or agreeing payments with each creditor route (where negative data could end up remaining on credit reports for much longer). Also any CCJs over 5k prevent certain companies considering you for 6 years - whereas bankruptcy (despite surely being over that in most cases) allows consideration after 3, but with a BRO/U that plan is potentially out the window.

Due to the hassle of renting etc in the UK with poor credit, I've decided in the last week or so to look abroad. With any luck I get one of the jobs abroad that I want, then they can do what they like with my UK insolvency service files & credit records!