Hi I am 8 months into my bankruptcy and have just got the OR's report. They have decided to make a bankruptcy restriction order against me for a period of 7 years. The main reason for this is that I had a DMP with the CCCS 3 years ago but I still used a charge card for business after that agreement was signed. What does this mean and what are the implications?
It means that the BR restrictions (i.e. can;t be a Director of a company, need to inform creditors if you want to borrow more than £500, etc.) will apply for 7 yrs after you have been discharged. You will still be discharged after 1 yr but the restrictions will apply for another 7 years. There is more information at http://www.insolvency.gov.uk/pdfs/guidanceleafletspdf/bro.pdf
If you feel that the BRO is unjustified or shouldn't be as long as 7 years then you shouldn't sign the BRO form and advise the OR of this. The case will then go before a judge who will decide whether a BRO should be applied and for how long.