Chapter 2 - The Insolvency Service
Chapter 2 - The Insolvency Service
Chapter 2 - The Insolvency Service
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<strong>Chapter</strong> 2<br />
Bankruptcy Restrictions<br />
Bankruptcy restrictions orders/undertakings were introduced on 1 April 2004.<br />
In circumstances where the official receiver considers that the conduct of a<br />
bankrupt has been dishonest, reckless or blameworthy in some other way, an<br />
application can be made to the court for a restriction order to be made for a<br />
period of between 2-15 years. <strong>The</strong> <strong>Service</strong> was succesful in securing 843<br />
bankruptcy restrictions with 653 (77.5%) being obtained by way of an<br />
undertaking, where the debtor can accept the official receiver's allegations of<br />
misconduct and agree to a bankruptcy restrictions undertaking for an<br />
appropriate period.<br />
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