Bankruptcy

[Falze]

Hi to all.

I'm Falze.

I was declared Bankrupt on the 28th May'10. I could never have done it without the support and experience of people on forums like this.

I along with several others with Bankruptcy experience have joined this forum from elsewhere and hope to still help people through what can be a dreadful time in there life.

I'm not going to waffle on, but just wanted to put an new thread out there so that anybody looking at the site knows that help, advise and support is available.

PLEASE do not be affraid to post or PM if you wish. You will not be judged.

Thanks.



Falze.

[Curlyben]

Re: Bankruptcy

Was this your own choice or were you petitioned by a creditor ?

[Falze]

Re: Bankruptcy

Own Choice.

Life is much different now. Calmer in lots of ways.

We lost our house (again OUR choice) for a fresh start.

Whats your expertise CB ?

[Amethyst]

Re: Bankruptcy

Thank you Falze, a great post, you sound like you will fit in perfectly here xx

Its good to hear your experience has been good, a big draw the line under it and start over episode can be great for people.

I think one of the main worries for a number of people is the possible effect on their employment - especially in financial services and law areas. I don't know how much of this issue is actually real and how much is myth ?

[Curlyben]

Re: Bankruptcy

I have some experience with dealing with DCA's

I've helped a few people fight off creditors petitions brought by some of the lower DCA's out there.

I did try MSE, but found some to be a little judgemental for my liking..

[Falze]

Re: Bankruptcy

I have some experience with dealing with DCA's

I've helped a few people fight off creditors petitions brought by some of the lower DCA's out there.

I did try MSE, but found some to be a little judgemental for my liking..

Yes it can. Its was a God send for me (or i mean the people on there were). I still show my face, but there is less and less people there now. About 7-8 regulars of the BR board are hardly there any more.

1 bad egg ruined everything for alot of people and its those who need help that will suffer because MSE does get a massive volume of traffic.

MSE in their wisdom took the word of a bad egg against 5-6 of those who had thousands of posts and had been there years.

Thank you Falze, a great post, you sound like you will fit in perfectly here xx

Its good to hear your experience has been good, a big draw the line under it and start over episode can be great for people.

I think one of the main worries for a number of people is the possible effect on their employment - especially in financial services and law areas. I don't know how much of this issue is actually real and how much is myth ?

I work in an FSA regulated industry (Insurance) and i've been fine. It depends on your contract and your boss. I work for (10+yrs now) a small family run brokers and was advised that as i was not diretcly involved in compilance i was ok. I know several people in the industry that have been/are BR.

I have seen stories the other way, but mainly in the banking sector itself.

[The Debt Star]

Re: Bankruptcy

I don't know how much of this issue is actually real and how much is myth ?

Quite real in the legal sector.

[Caspar]

Re: Bankruptcy

and in parts of education.

[Sapphire]

Re: Bankruptcy

Yes and I also believe it stops you being a Company Director or owning a Company too, I have no idea how long for though.

[Amethyst]

Re: Bankruptcy

Okay - is it a term of employment for certain employers, or regulation/statute etc ? ie. is it law that a bankrupt cannot be a solicitor? I assume it is law a bankrupt cannot be a company director ?

Like I say I don't know the facts, but would like to.

[Nibbler]

Re: Bankruptcy

As far as the law goes...

Ch 25: Restrictions on Bankrupts

This chapter is divided in to two sections, Section 1 - Restrictions applicable in bankruptcy, and Section 2 - Restrictions applicable in BROs, IBROs & BRUs. A list of abbreviations used in this chapter can be found at paragraph 25.3.

The sections are made up of the following parts:

Section 1 Restrictions applicable in bankruptcy

Part 1 - Restrictions imposed on bankrupts by insolvency legislation (including CDDA86) (paragraphs 25.4 to 25.19)
Part 2 – Restrictions imposed on bankrupts by other legislation (paragraphs 25.20 to 25.60)
Part 3 - Other considerations concerning restrictions against undischarged bankupts (paragraphs 25.61 to 25.67)

Section 2 Restrictions applicable in BROs/IBROs and BRUs

Part 4 - Restrictions imposed on individuals subject to BROs/IBROs and BRUs by insolvency legislation (including CDDA86) (paragraphs 25.68 to 25.80)
Part 5 - Restrictions imposed on individuals subject to BROs/IBROs and BRUs by other legislation (paragraphs 25.81 to 25.85)
Annex – Effects of a bankruptcy restrictions order (schedule issued by Enforcement Section 23 May 2007).

[The Debt Star]

Re: Bankruptcy

Okay - is it a term of employment for certain employers, or regulation/statute etc ? ie. is it law that a bankrupt cannot be a solicitor? I assume it is law a bankrupt cannot be a company director ?

Like I say I don't know the facts, but would like to.

For solicitors the SRA state:

Your practising certificate or your registration as a registered European lawyer (REL) will be suspended automatically if

• you are adjudged bankrupt;
• the Solicitors Disciplinary Tribunal (SDT) suspends you; or
• we have intervened in your practice, due to "reason to suspect dishonesty", breaches of the accounts rules, the Code of Conduct or investment business rules, or your committal to prison.

If you are a registered foreign lawyer (RFL), the effect of bankruptcy, strike-off or suspension from practice has the effect of suspending registration as an RFL.
How suspension affects you

Solicitors and RELs

If your practising certificate or registration is suspended, you are prohibited from practising as a solicitor or REL.

[Nibbler]

Re: Bankruptcy

Also.........

25.35 Solicitors Act 1974 – suspension of practising certificate (solicitors)

Section 15 of the Solicitors Act 1974 provides that any current practising certificate held by a solicitor is immediately suspended on the making of a bankruptcy order.

The Law Society, on application, may lift the suspension of a practising certificate.

There is no such restriction placed on practising barristers although as a matter of courtesy the Bar Council wish to be informed of any order made against members. Reference should also be made to paragraph 59.40(barristers) and 59.60 (solicitors).[Note 18]

[Caspar]

Re: Bankruptcy

Okay - is it a term of employment for certain employers, or regulation/statute etc ? ie. is it law that a bankrupt cannot be a solicitor? I assume it is law a bankrupt cannot be a company director ?

Like I say I don't know the facts, but would like to.

I googled this out of interest. There is no definitive list, but this is what I came up with (I know some is vague, but it gives an idae):

Most financial and legal jobs
Police
Armed Forces
Company Director
School Governor
Headteacher
Deputy Headteacher
Bursar
Councillor
MP
Check contract of any job requiring a professional license.

[Nibbler]

Re: Bankruptcy

Be careful of google. Not all true, or at least outdated as the law has changed.

Most financial and legal jobs. Only some.
Police I know bankrupt police officers. Will not normally lose someone their job, but may be a bar to joining.
Armed Forces Much the same as police.
Company Director Only while undischarged.
School Governor Not true
Headteacher - Would have to check....
Councillor Not true (now)
MP Not true in the most part.