What exactly is the role of the OR?

renegadefm

Sorry for seeing ignorant here, but can anyone explain what is the exact job of an OR?

Is it just to monitor my finances until they release me which if I'm a good boy can be as early as 6 months am I right?

I am still a little nieve with all this, because I thought when I went to court which I was extremely nervous about the judge goes over your paperwork before he signs it and thats it otherwise why would he sign it and declare me bankrupt just like that until reading my paperwork.

Because I'm confused as to why people like the OR's have to go through it all over again, its all very stressful isn't it?

Ok I know I should appreciate my debts have been payed and I should be grateful, but I thought going to court is the end of it, its only now unfolding to me.

I don't mind paying towards the IPA, thats not really what I'm worried about, its things that I've been reading like if I win some money like for instance on the lottery, the OR will take it, so should I quit playing the lottery every week now as it seems pointless.

I concider I've been a victim of bad advice, cause I could have probably just got away with freezing my interest on the cards, which would have taken 5 years.

Which would you say is the best option?

JCS1

OR has a statutory duty to investigate the affairs of all bankrupts, to protect and realise any assets, and to inform/liase with creditors regarding any payments from the bankruptcy estate.

OR would also look to appoint an Insolvency Practitioner if there are assets of over approx £10,000.

OR would also look for any misconduct in the BR, and then consider a BRO/BRU.

And if you win the lottery, the money gets paid to the OR, they pay off all your debts, take their fees, and then pay the balance to you. It would also be an annullment, so the bankruptcy would be cancelled. And apparently it did happen to one guy in the Chester region

betterlatethannever

renegadefm wrote: »

if I win some money like for instance on the lottery, the OR will take it, so should I quit playing the lottery every week now as it seems pointless.

I wouldn't call it pointless;
If i'd won the lottery a year ago i'd have used the money to pay my debts off.

If i'd won the money during BR, the OR would have used some of the money to pay off my debts.

No difference really

dalip

Yes same here as BLTN if i had won(we wish)thelottery i would have paid my debts. If i won now same, i get to repay some of the money i spent.Only thing i have a problem with is if my dad dies now his estate(which he grafted for all his life)will be taken to pay MY debts and that i most def do not want.

fermi

No you can't Max. Trying to hide funds or avoid disclosing assets is illegal, and could land people in deep trouble!

JCS1

maxmycardagain wrote: »

dalip, if you had (say) 6 months of being BR b4 discharge, i wonder if you can refuse/put on hold any bequest. after all, if you aint GOT it, they wont know about it.....just tell the executors you will collect soon as.......

Unfortunately, it doesn't work this way. It's when you become entitled to the bequest, i.e. the date of death, rather than when you receive the money.

renegadefm

betterlatethannever wrote: »

I wouldn't call it pointless;
If i'd won the lottery a year ago i'd have used the money to pay my debts off.

If i'd won the money during BR, the OR would have used some of the money to pay off my debts.

No difference really

Yeah thats a fair comment, I'd probably do the same, its just that it seems almost crazy to me that I'd continue playing the lottery which is lets face it a form of gambling, even though I only spend 1 pound a week on it, 2 at the most, its still something I'd feel guilty about spending my money on while I'm BR if you see where I'm coming from?

Like even only a pound a week is £52 a year at the end of the day, won't the OR look at that and say hey why are you still gambling while your BR?

Or do they actually encourage it so that the BR debt could get payed off?:rolleyes:

dalip

YEP even though i have been put forward for ED i am still trying my best to get him to change is will but he is so lax!!!

JCS1

renegadefm wrote: »

Yeah thats a fair comment, I'd probably do the same, its just that it seems almost crazy to me that I'd continue playing the lottery which is lets face it a form of gambling, even though I only spend 1 pound a week on it, 2 at the most, its still something I'd feel guilty about spending my money on while I'm BR if you see where I'm coming from?

Like even only a pound a week is £52 a year at the end of the day, won't the OR look at that and say hey why are you still gambling while your BR?

Or do they actually encourage it so that the BR debt could get payed off?:rolleyes:

Not encouraged or discouraged, but £1 a week - OR isn't going to get excited given the amount.

renegadefm

JCS1 wrote: »

OR has a statutory duty to investigate the affairs of all bankrupts, to protect and realise any assets, and to inform/liase with creditors regarding any payments from the bankruptcy estate.

OR would also look to appoint an Insolvency Practitioner if there are assets of over approx £10,000.

OR would also look for any misconduct in the BR, and then consider a BRO/BRU.

And if you win the lottery, the money gets paid to the OR, they pay off all your debts, take their fees, and then pay the balance to you. It would also be an annullment, so the bankruptcy would be cancelled. And apparently it did happen to one guy in the Chester region

But what could amount to misconduct for example?

I'm hardly gonna go on a spending spree am I cause I only bring home after tax £309 a week, please explain what a misconduct is?

fermi

Misconduct while you are bankrupt would be failing to comply with your duties/responsibilities under insolvency law; i.e:

What are your duties as a bankrupt?

When a bankruptcy order has been made, you must:

• comply with the Official Receiver’s request to provide information about your financial affairs. The Official Receiver may request that you attend at his or her office for an interview - the Court will give you the address of the Official Receiver. (Note: usually before the interview, you will be sent or given a questionnaire which you should fill in as fully and accurately as possible.) If the Official Receiver does not ask that you attend at the office for an interview, you will be sent a letter which will set out what is required of you. Again it is likely that you will be asked to complete a questionnaire. You should note that in either circumstance, any questionnaire completed before the bankruptcy order, supplied to you by an adviser or another third party, will not be acceptable;
• give the Official Receiver a full list of your assets and details of what you owe and to whom (your creditors);
• look after and then hand over your assets to the Official Receiver together with all your books, records, bank statements, insurance policies and other papers* relating to your property and financial affairs;
• tell your trustee about assets and increases in income you obtain during your bankruptcy. (Note: by law you must inform your trustee of any property which becomes yours during the bankruptcy. Such property includes lump sum cash payments that you may receive, for example redundancy payments, property or money left in a will);
  l stop using your bank, building society, credit card and similar accounts straightaway;
• not obtain credit of £500 or more from any person without first disclosing the fact that you are bankrupt;
• not make payments direct to your creditors.

You may also have to go to court and explain why you are in debt. If you do not co-operate, you could be arrested.

*Your books and papers will normally be destroyed after your trustee has finished with them. However, you can have them back, provided they have not already been destroyed, if the court annuls your bankruptcy.

Misconduct in your affairs proceeding bankruptcy are things that might result in a BRU/BRO; i.e.:

What sort of behaviour could lead the official receiver to apply for a BRO against me?

When deciding whether to make a BRO, the court may take into account your behaviour before and after the date of the bankruptcy order, so the official receiver will be looking closely at all your conduct.

We cannot list all the actions that could be considered dishonest or blameworthy in relation to your affairs, but here are some examples the official receiver could include in his report to court:

• incurring debts that you knew you had no reasonable chance of repaying
• giving away assets or selling them at less than their value
• deliberately paying off some creditors in preference to others
• gambling or making rash speculations or being unreasonably extravagant
• failing to keep or produce records that would explain a loss of money or property
• fraud or fraudulent breach of trust
• causing your debts to increase by neglecting your business affairs
• failing to supply goods or services that have been paid for
• carrying on a business when you knew or ought to have known you could not pay your debts

The more harm your behaviour causes your creditors, in the court's opinion, the longer the BRO is likely to last.