I know this answer has probably been answered before and I have done alot of research but am still unsure of what the above actually means and what are the circumstances you would get one of these? My debts stemmed from going back to university to do a postgraduate course, paying the fees and then living of credit.
Many thanks in advance.
Just started walking on the path to a debt free future!
Finally got my head out of the sand and facing up to it all - wish me luck!
A BRU/BRO is applied for various reasons. Having taken on debt which you can no longer repay, in itself, is not sufficient grounds or all bankrupts would get one.
If you have made a preferential payment of a considerable amount prior to bankruptcy, say to a friend or relative, this is one way of incurring a BRU.Or a transfer of an asset undervalue (in some circumstances the OR can reverse both of these actions).
Another is to have taken on borrowing shortly before bankruptcy with no intent or means to repay.
Another is gambling.
Also non co-operation with the OR is frowned upon.
BRO/BRU
Posted - 03 March 2009 : 04:00:07
