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toon army
Junior Member
United Kingdom
189 Posts |
 Posted - 26 July 2008 : 22:25:27
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Just been really scared by a previous post who said the OR was looking for the whole 9 years!!
I have signed an agreement to pay IPA for 3 years. Will that be the end of it or can the OR come back?
How will i find out?
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BankruptC
Senior Member
1030 Posts |
Posted - 26 July 2008 : 22:36:13
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Hi toon army,
I think I know the post you mean and I think they were referring to a BRU/BRO for 9 years and not an IPA.
As far as I'm aware an IPA is only for 36 months and that's the end of it.
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toon army
Junior Member
United Kingdom
189 Posts |
Posted - 26 July 2008 : 22:37:49
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| Ok thanks, but how do you know how long you will remain bankrupt? If its more than 3 years when does the OR tell you? |
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johns
Junior Member
United Kingdom
269 Posts |
Posted - 26 July 2008 : 22:45:15
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hi toon army it really depends on the or and his view it goes on severity and minimu 2 years if awarded a bro in business but anything more you can be at te hearing to fight your case
regards
john
quote:
Originally posted by toon army
Ok thanks, but how do you know how long you will remain bankrupt? If its more than 3 years when does the OR tell you?
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BankruptC
Senior Member
1030 Posts |
Posted - 26 July 2008 : 22:45:38
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Again, as far as I understand it, most people receive automatic discharge from bankruptcy after 12 months. If you're paying an IPA, then you are still discharged after 12 months, but continue paying the IPA until the 36 months are up.
Even if you get a BRU/BRO for misconduct, you will still be discharged after 12 months, but will remain under the conditions of bankruptcy for the length of the BRU/BRO.
Discharge is only usually suspended (for longer than the 12 months) if you fail to cooperate with the OR.
To answer your question about when you'd find out about a BRU/BRU/suspended discharge, I'm not too sure, but would expect your OR to have given you an idea at interview or shortly after if they considered you had done anything to amount to 'misconduct'.
Hope that clarifies things a little.
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johns
Junior Member
United Kingdom
269 Posts |
Posted - 26 July 2008 : 22:51:08
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sorry thought you was talking about business i think you will find the 9 yers was related to a company please do not worry by e- mailing this web site you are already on the road to a better life
regards
john |
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Helpful Advice
Average Member
United Kingdom
646 Posts |
Posted - 27 July 2008 : 17:12:35
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Hi Guys,
The nine years was in relation to a Bankruptcy Restriction Order (BRO) if you are given an IPA/IPO then this will last for 36mnths from the date the IPO/IPA begins.
A BRO/BRU is put in lace if the OR feels you have conducted yourself badly with a view to your debts or not during the OR's investigation.
If you are given a BRO/BRU you will still be discharged from Bankruptcy, however you will be subject to the restrictions of Bankruptcy for a term between 2-15 years.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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general help
