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Thomas1939
Starting Member
3 Posts |
 Posted - 16 December 2008 : 20:15:03
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| Please help. bankruptcy restrictions order (BRO) applies to the people that are otherwise to blame for their position ie involved in gambling. For me, lost 40k out of my 75k of commercial debts. Could someone give advice to me on the number of years the official receiver apply to the court. If IPO also apply to me, is it only last for max of 3 yrs ? same question for the IPA. I have worry sick of these questions. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 17 December 2008 : 11:12:21
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Hi Thomas1939 and welcome to the forum.
It is a difficult question to answer as it's very much at the OR's discretion (unless you refuse to sign a BRU, in which case it will go to court for a BRO and that will be the judge's decision). It is possible you could be looking for 3-7 years, but this could be reduced if you undertake to attend gamblers anonymous etc.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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pix1
Average Member
689 Posts |
Posted - 17 December 2008 : 12:32:46
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Thomas1939,
Welcome to the forum sir.
As to gambling or anything to do with bankruptcy and how the OR deals with people who have lost money please search their website;
http://www.insolvency.gov.uk:8765/query.html?col=test&qt=bro%2Cgambling&charset=iso-8859-1
You can also search real life case of people getting bru's/bro's;
http://www.insolvency.gov.uk/databases/ddirector/brobrusearch.htm
Enter a surname such as Smith or Jones and read through the Unfit Conduct bru's/bro's. Many of them involve gambling.
Certainly, they will look at the ratio of gambling debt to total debt. The more recent the debt, the worse. They are actually intersted in what you have lost gambling. Strangely, if you win money gambling they don't mind. Obviously it would look good to refrain from gambling by telephone or internet accounts and close them down. Be upfront about it. It may look good to join gamblers anonymous and submit a letter showing you have joined but I am not certain of that.
As to likelyhood of a bru/bro;
A lot of it is hit and miss as to whether they dish one out. It is likely it would be longer if it was a bro as opposed to an agreed bru - which is the first option. I imagine it would be longer if the basnkrupt is judged to have not cooperated in being upfront about gambling debts so get it down on the petition straight away or run the risk that it surfaces later and get in more trouble. Looking at the cases where gambling is the ONLY thing cited I think you might get between 2-5 years with a bru and longer if you disagree and get a bro. On the other hand, what with the OR's being snowed under with BR's these days you might well be lucky and get nothing. The longer term bro's are normally for people who have been blatantly dishonest, like hiding property or siphoning off profits from companies and laying off staff, etc. before going BR.
Best advice: be upfront and accurate as to checkable losses and show that you are NOT intending to continue gambling. Be contrite in your petition. Keep your fingers crossed! Good luck. |
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Please help. bankruptcy restrictions order (BRO)
