LexisLibrary and LexisPSL
Sign up for a free trial today and get full access for a weekTrial
The Insolvency Service (IS) have published a new guidance document on the Debt Relief Restrictions Orders (DRRO). The procedure is of course similar to the big brother bankruptcy BRO regime, but tailored to the bankruptcy-lite DRO regime. Find the new document here. This is the kind of conduct that might land a debtor with a DRRO:
• incurring debts that you knew you had no reasonable chance of repaying;
• giving away assets or selling them at less than their value;
• deliberately paying off some creditors in preference to others;
• gambling or making rash speculations or being unreasonably extravagant;
• failing to keep or produce records that would explain a loss of money or property;
• fraud, or fraudulent breach of trust;
• failing to co-operate with the official receiver;
• causing your debts to increase by neglecting your business affairs;
• failing to supply goods or services that have been paid for;
• carrying on a business when you knew or ought to have known you could not pay your debts.
"BPIR is an excellent series, of interest to both corporate and personal insolvency lawyers,...