Becoming bankrupt
Restrictions
When you鈥檙e bankrupt, you cannot:
- borrow more than 拢500 without telling the lender you鈥檙e bankrupt
- act as a director of a company without the court鈥檚 permission
- create, manage or promote a limited company without the court鈥檚 permission
- run a business without giving your name when you were made bankrupt to the people you do business with - as well as any business name you used
You might be prosecuted if you break the restrictions.
How long the restrictions last
Restrictions last until your bankruptcy ends or you successfully apply to cancel your bankruptcy.
When the restrictions can be extended
The person dealing with your bankruptcy (the 鈥榦fficial receiver鈥�) can get the time that you鈥檙e under these restrictions for extended if they believe you鈥檝e acted carelessly or dishonestly.
They鈥檒l ask you to agree to a bankruptcy restrictions undertaking to extend the restrictions. If you do not agree, they鈥檒l ask the court to make a bankruptcy restrictions order.