UB40’s next title – Bankruptcy

It has been confirmed that four members of the original music group UB40 have been declared bankrupt by a Judge sitting at Birmingham County Court last week. Brian Travers (Saxophone), Jimmy Brown (Drums), Terence Oswald (Trumpet) and Norman Hassan (Percussionist) will now like many individuals have to take part in what can be an unwelcome process with serious implications; if advice is not taken promptly.

As soon as a Court issues a bankruptcy order against an individual, then they must abide by certain restrictions which are imposed upon them. Such restrictions include:

  • Acting as director of a company;
  • Becoming involved in the creating, managing or promoting a company with the court’s permission;
  • Carrying on business directly or indirectly without telling those you are doing business with that you are bankrupt.
  • Obtaining credit of £500.00 or more either alone or jointly with any other person without disclosing your bankruptcy
  • You may be prevented from holding certain public offices or positions such as trustees within Charities.

The person who will deal with and administer your bankruptcy, the trustee in bankruptcy, will be either be the Official Receiver who is appointed by the Secretary of State or an Insolvency Practitioner who can be appointed on behalf of the Official Receiver.

It is important that you co-operate as much as possible with your Trustee in Bankruptcy as they will take responsibility for managing your financial affairs. You will be asked to complete a questionnaire which will request a substantial amount of information relating to your finances. While this may be somewhat time consuming it will be very beneficial to both you and your Trustee in Bankruptcy. It is also likely you will be interviewed by the Trustee concerning your bankruptcy which may take place in person or by telephone. There is a possibility that you will have to attend more than one meeting depending on the outcome of the enquiries carried out by the Trustee.

It is the responsibility of your trustee in bankruptcy to give notice of your bankruptcy to all related entities such as local authorities, land registry, suppliers of utilities, etc while also making enquiries with organisations such as mortgager lenders, banks etc who may have details of any assets or liabilities that you may have or indeed had an interest in your sole name or even in a joint name with other individuals.

The question that most people will ask is how long does their bankruptcy last?

A bankruptcy will usually be automatically discharged after a maximum of 12 months.

While the bankruptcy order usually lasts for around 12 months it is important that you co-operate with your trustee in bankruptcy. If you fail to co-operate then your trustee can apply to the Court to have your discharge suspended which will obviously continue to affect you and your financial affairs.

With regards to the date of your bankruptcy order, the general maximum term of 12 months relates to Orders made on or after 1 April 2004. If your discharge from your bankruptcy was suspended prior to this date then you should contact the Official Receiver about how you can be discharged from your bankruptcy order.

The above is a brief snap shot of what the members of UB40 will now have to deal with as they come to terms with the consequences of their bankruptcy order.

Furley Page Solicitors has a dedicated Debt Recovery and Insolvency team which is available to give expert advice on personal insolvency matters.

If you feel that you need assistance then please contact Natasha Biggs on 01634 828277 or email debt@furleypage.co.uk

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