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| T O P I C R E V I E W |
| plynch2002 |
Posted - 07 February 2009 : 00:40:12
what is a bru/bro and how do they affect you,sorry i have an iva and have come onto this site from the sister site iva forums.Paul |
| 3 L A T E S T R E P L I E S (Newest First) |
| Niobe |
Posted - 07 February 2009 : 16:08:14
I agree with Skippy Paul, I don't think you have anything to worry about.
The glimmer gets brighter all the time |
| Skippy |
Posted - 07 February 2009 : 11:43:03
Hi Paul, welcome to the BR forum. I remember your posts from the IVA forum and I don't think you've got anything to worry about. You've paid into your IVA for nearly 5 years, and it's in no-ones interest to fail your IVA at this stage. Hopefully you'll have good news from your IP soon x
Tomorrow is a mystery, yesterday is history, today is the present, a gift to make the most of.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
20 IPA payments made, 16 to go - on the home straight! |
| John |
Posted - 07 February 2009 : 07:52:39
Hi Paul & welcome
a BRU is a Bankruptcy Restriction Undertaking and a BRO is a Bankruptcy Restriction Order.
Basically either of these may be applied if the OR deems that a bankrupt has not co-operated with the OR, or part or all of the debt was due to gambling, or the bankrupt borrowed with no intention or ability to repay etc.
If this were the case the OR would propose a BRU and if the bankrupt agreed the BRU would be applied. If the bankrupt did not agree then the matter could, but does not always, go before the judge and if proven appropriate the judge would grant the OR's application for a BRO.
The length of a BRU/BRO depends on the degree of wrong doing but can be anything from 2 years to 15 years. The bankrupt would normally still be discharged from bankrupty after 12 months but would be subject to certain restrictions for the duration of the BRU/BRO. These restrictions are similar to those that apply to the bankrupt before discharge in that you cannot be a company director, MP, a solicitor with your own practise, an estate agent with your own agency etc etc unless you have permission of the court (rare)and you cannot borrow more than £500 without first informing the lender that you under a BRU/BRO.
timendi causa est nescire
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