What are the duties of a bankrupt?
When a bankruptcy order has been made, you must provide the Official Receiver with information relating to your financial affairs such as, a list of your assets (property, pensions, insurance policies etc), amounts of each debt and to which creditor they are owed to, within 21 days. Any assets are then to be handed over to the Official Receiver along with any bank statements and insurance policies relating to your property and financial affairs. Any assets and income increases obtained during the bankruptcy should be declared to the Trustee. You must not obtain credit of £250 or more from any person without first disclosing the fact that you are bankrupt. Any bank or building society accounts must no longer be used. You must not make any direct payments to your creditors. You may also have to attend Court to explain why you are in debt. If you do not co-operate, you could be arrested.
