The restrictions of bankruptcy
Individuals who have been made bankrupt are subject to restrictions on their activities until they are discharged from the bankruptcy. Breaching these restrictions may constitute a criminal offence. Restrictions include:
- Obtaining credit of £500 or more, either jointly or alone – the fact that the individual is bankruptcy must be disclosed;
- Carrying on business in a different name than in which the individual was made bankrupt;
- Promoting, forming or managing a limited company or acting as director; and
- Holding office as trustee of a charity or a pension fund.
