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Partner and Head of Family Law, Rugby
Getting advice as early as possible is key to finding the best solution for you
Head of Commercial Recoveries
Bankruptcy Restrictions Orders are being sought on an increasing basis by the Official Receiver where he feels that the bankrupt has committed offences prior to the bankruptcy order which mean that there should be additional sanctions taken against them. The effect of the Bankruptcy Restrictions Order is to extend the period of the effect of the bankruptcy for periods of between 2 and 15 years. In many cases, we are able to negotiate reduced periods for the period of the Bankruptcy Restrictions Order and where appropriate can obtain an order that no Bankruptcy Restrictions Order should be made.
We approach each case individually and with an open mind to the potential solutions and often suggest options to our customers that they did not know were possible. As one of the effects of a Bankruptcy Restrictions Order is that the individual is not able to act as a director or member of an LLP, it is possible to apply for leave to act as a director or member of an LLP if there is a business justification for this.