UK Bankruptcy

Act of Parliament regarding Bankruptcy states

• Provide for the automatic discharge of most bankrupts after a maximum of 12 months;
• Introduce Bankruptcy Restriction Orders BROs) to protect the public and business community from bankrupts whose conduct is reckless, culpable or irresponsible;
• Introduce Income Payments Agreements (IPA) - a new way of repaying debts to creditors from the bankrupt’s income;
• Introduce fast track voluntary arrangements, enabling the bankruptcy order to be annulled in return for increased or speedier returns for creditors;
• Remove unnecessary restrictions on bankrupts, and;
• Limit to 3 years the period in which a trustee may deal with a bankrupt’s home.