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Posted: Fri Jan 23, 2009 3:16 pm
by xmas baby
Hello,
Could anyone please tell me if you are given a bro/bru, does this start from the time of bankruptcy? So if you were given a bro of 5 years, would this start at the beginning of bankruptcy and extend a further 2 years after IPA payments have ceased?
Thanks
Keith
Posted: Fri Jan 23, 2009 3:50 pm
by Skippy
As far as I'm aware the BRO/U is starts from the day it's agreed or enforced, and not the actual date of your BR.
Posted: Fri Jan 23, 2009 4:46 pm
by UpToMyNeck
I'm just curious, but what in the name of all that is holy is a bro/bru???
Posted: Fri Jan 23, 2009 4:50 pm
by Skippy
It's either a Bankruptcy Restriction Undertaking or Bankruptcy Restriction Order.
If the Official Receiver decides that a person has been reckless they are offered a BRU, meaning that the restrictions of BR carry on for up to 15 years, usually less.
If the BR refuses the undertaking then the OR can apply to the court for an order, which is generally longer than the BRU (although no more than 15 years) and is enforced by the court.
Posted: Fri Jan 23, 2009 4:56 pm
by UpToMyNeck
Cheers Skip - curiosity satisfied...[;)]