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Tim
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My advice is guidance only, if you want the law then consult a lawyer!
(c) All Spelling mistakes are my own design, infringement of them may result me sulking!
Tim
Want to talk to someone confidentially, without obligation and free of charge?
Abbreviations used in DQF
CRF Contacts
My advice is guidance only, if you want the law then consult a lawyer!
(c) All Spelling mistakes are my own design, infringement of them may result me sulking!
COMPANY DIRECTORS DISQUALIFICATION ACT 1986
Promotion, formation and management of a company
25.14EA
It is an offence for an undischarged bankrupt to act as a director of, or directly or indirectly take part in or be concerned in the promotion, formation or management of a company, except with the leave of court. EA 2002 extends this prohibition to include a discharged bankrupt who is the subject of a BRO.
So I read this as once you are discharge you are OK UNLESS a BRO is in place.
Tim
Want to talk to someone confidentially, without obligation and free of charge?
Abbreviations used in DQF
CRF Contacts
My advice is guidance only, if you want the law then consult a lawyer!
(c) All Spelling mistakes are my own design, infringement of them may result me sulking!
I'm doing a bit of asking around as well.
Plus, if you pay an IPO, this is still payable 3 years from when you went bankrupt, therefore, if you have an increase in income, this will increase the amount you pay into your IPO.
Basically, becoming a Company Director after you have been discharged does mean that any assets you gain are at risk within that 3 year time period.
Perhaps thats where my confusion came in.
My particular situation means that the OR cleared my case on the marital home equity, so the debt has been satisfied. My ex decided to offer full settlement from the money rather than lose the house - so she paid in the end lol!
Ross
Ross
You will still be subject to all the restrictions not withstanding that you may have no creditors left. And your credit file will still show it for 6 years etc.
you should take some advice about whether you can now apply for an
annulment of the bankruptcy order on the grounds that all your debts and the expenses of the bankruptcy have been paid in full (section 282 of the Insolvency Act 1986 and Rules 6.206 to 6.214 of the Insolvency Rules 1986)
Also look at the OR's leaflet here
The link is here
Definitely a step worth taking in my view - the benefits are large, but it may cost you a bit extra to get it (unless you can work your way through the rules - it's legalise but not that difficult to follow, especially if you have proof of payment)
re :- restrictions - these indeed lift on discharge
re :- after acquired property for 3 years - this is a whole other argument/discussion (the jury's out in my mind!)
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Remember, posts here are just the informed views of people with similar experiences to your own or with some basic understanding of the issues.
If it's important, then there's no substitute - seek professional advice!