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Bankruptcy
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How long is the period of bankruptcy as it changed a few years ago didn't it?
After someone being declared bankrupt, can they be a Director of a company again?
Many thanks
After someone being declared bankrupt, can they be a Director of a company again?
Many thanks
Answers
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It changed in 2004. Unless the Insolvency Service get a Court order to delay discharge, bankrupts are discharged after 12 months, but if they are required to make any payments to their creditors the liability to do so lasts for 3 years from the date the payments start.
A bankrupt cannot be a company director but this restriction does not apply after discharge unless the Insolvency Service has imposed (either by agreement with the bankrupt or by Court order) a longer term restriction - which can be for up to 15 years in severe cases.
Go to Insolvency service website & download their booklets for more details.
A bankrupt cannot be a company director but this restriction does not apply after discharge unless the Insolvency Service has imposed (either by agreement with the bankrupt or by Court order) a longer term restriction - which can be for up to 15 years in severe cases.
Go to Insolvency service website & download their booklets for more details.
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