Bankruptcy Restriction Order
Bankruptcy Restriction Order
A Bankruptcy Restrictions Order (BRO) can be imposed if it can be proved that the bankrupt has been dishonest or blameworthy in some other way, for example if they are applying for credit of more than £500 and have not disclosed their status to the credit company. A report can be filed by the official receiver and a court will decide whether a Bankruptcy Restrictions Order is appropriate. A Bankruptcy Restrictions Order can:
- Be imposed for a range of reasons, such as fraud, incurring debt that could not realistically be paid back and causing debts to increase because of negligence
- Last between two and 15 years
- Lead to a fine or even imprisonment if the bankrupt is found guilty of contravening it
If a Bankruptcy Restrictions Order is brought against you, it becomes effective immediately and the details of it will be entered onto a public register until the order comes to an end. It can also be included in the local newspaper. To find out more about Bankruptcy Restrictions Orders and for advice about bankruptcy and debt management, simply fill in the form below and an expert will get in touch to help you with your finances.
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