Restrictions
During the BRO period, the following restrictions apply.
•The client must disclose to a credit provider that they are subject to a BRO if they (alone or jointly with another person) wish to get credit of more than £2,000.
•The client must disclose to a credit provider that they are subject to a BRO if they wish to get credit of any amount and already have debts of £1,000 or more.
•The client must disclose to those they wish to do business with the name (or trading style) under which they were made bankrupt.
•The client cannot act as the director of a company or take part in its promotion, formation or management unless they get the court’s permission to do so.
•The client cannot act as an insolvency practitioner or as the receiver or manager of the property of a company on behalf of debenture holders.
There are other restrictions that restrict jobs or positions a client can be appointed to.
The restrictions apply after the client has been discharged from bankruptcy for a further period of between two and 15 years, depending upon the level of the client’s misconduct or dishonesty before and during their bankruptcy.
Where a BRO is being considered by either the AiB or the sheriff, they must inform the client who has 14 days to reply why the BRO should not be awarded.
Once the BRO is made, the client can apply to the court to have the BRO cancelled or the terms varied.