Bankruptcy Restriction Order
Bankruptcy Restriction orders are generally applied when an individual has not provided information that has allowed the supervisor or trustee to complete their files.
In many instances people move away after a bankruptcy, separation or divorce and survival is the priority. It can be years later that the person goes to do something and realises that there is a problem.
In the minority of circumstances it can be applied when a person is delinquent in their financial dealings and have simply no want or desire to understand the bankruptcy process or are in denial about the situation that they have found themselves in.
We are receiving enquiries from people who are considering bankruptcy for a second time and the question they ask is are they likely to have a bankruptcy restriction order if they go bankrupt for a second time.
they will not necessarily receive a bankruptcy restriction order, it will all depend on circumstances. There will always be a percentage of people who have petitioned for bankruptcy a second time without consequence as people are often victims of circumstances beyond their control. However, where there could be a problem is if reckless or ill considered behaviour is involved. For example, another attempt at making a business venture work that had previously failed or clear evidence of gambling activity. The main reason why restrictions occur is where there has been dishonesty – hiding of bank accounts and particularly assets, undeclared foreign properties, and so on.
If you are experiencing difficulty with a bankruptcy restriction order then contact us for a no obligation consultation. In some instances we can act as an intermediary between you and the supervisor or trustee.