What is a Bankruptcy Order
A Bankruptcy Order is an order of the Court confirming that an individual is declared bankrupt. It usually follows the presentation of a Bankruptcy Petition by a creditor of the individual who is owed money.
Once made, a Bankruptcy Order is a matter of public record and is likely to affect the individual’s credit rating and their ability to serve as a director of a company. Some professional bodies, including solicitors and accountants, are likely to dismiss the individual from their professional bodies, which could have a devastating effect on the individual’s career.
Once a Bankruptcy Order is made, the Official Receiver will investigate the individuals’ financial affairs and see if the individual has any assets which they could sell to pay off creditors. If they do, it is likely that a Trustee in Bankruptcy will be appointed to carry out this task.
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