Financial education
All clients can be asked to complete a course of financial education by their trustee. This should be done within the first six months of the bankruptcy.1s117 B(S)A 2016 Failure or refusal to complete the course could lead to the client being refused discharge.
A client can be excused from completing the course if they cannot participate bacause of ill health, disability or mental illness, or if they have already finished the course within five years from the date of sequestration.
The client can be asked to complete a series of modules including budgeting and financial planning, saving, borrowing, insurance, tax, financial life stages (eg, renting or buying a home, having a baby and loss of employment) and welfare benefits.2Reg 25 B(S) Regs