The following Corporate Crime guidance note provides comprehensive and up to date legal information covering:
Following an order for bankruptcy, the bankrupt person is prohibited form a number activities for a period of 12 months while the order is in place or for a shorter period if the order is discharged.
The prohibited activities are:
obtaining credit of £500 or more either alone or jointly with any another person without disclosing bankruptcy (this includes ordering goods without asking for credit and then failing to pay for them when they are delivered)
carrying on business (directly or indirectly) in a different name from that in which the bankruptcy order was made, without telling all those with whom business is conducted the name in which he was made bankrupt, and
being concerned (directly or indirectly) in promoting, forming or managing a limited company, or acting as a company director, without the court’s permission, whether formally appointed as a director or not
If these restrictions are breached, it is a criminal offence which carries a maximum penalty of two years' imprisonment following conviction on indictment.
In addition to the 12 month restrictions on a bankrupt individual, a Bankruptcy restriction order (BRO) may be imposed to protect the public and organisations from blameworthy bankrupts.
Where a bankrupt individual has behaved in a way which the Official receiver considers to be culpable or dishonest they may
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