After a person has gone before the Judge in a county court for a bankruptcy hearing the bankruptcy order will be given there and then.
Typically after this the Official Receiver will also want to meet with the bankrupt shortly after the bankruptcy order has been given. The role of the Official Receiver is to assess the finances and assets of the bankrupt and to decide how to best disburse any assets within the bankrupts estate.
The Official Reciever has wide ranging powers and will also want to assess the capability of the bankrupt to make monthly payments towards their creditors via an Income Payments Arrangement or Income Payments Order.
If a bankrupt is deemed to have sizable assets then the Official Receiver will pass the bankruptcy case to a commercial Insolvency Practitioner to administer on behalf of the creditors.
A person will remain a bankrupt until their date of discharge. In most cases this will be no more than a 12 month period although Bankruptcy Restriction Orders (BRO) can be extended for a period of 15 years.
If you would like assistance petitioning for bankruptcy or you would like to discuss your case with a bankruptcy expert, visit the Myvesta Bankruptcy Assistance Service page for information on how we can assist you.
What happens after the bankruptcy hearing?
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