The restrictions of bankruptcy

Individuals who have been made bankrupt are subject to restrictions on their activities until they are discharged from the bankruptcy [1]. 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.