How to petition for your own bankruptcy

Bankruptcy is a serious matter. You do not have to become bankrupt just because you are in debt. Other options may be more suitable for you.

Contact myiva-adviser.com or call 0800 088 7505 for advice.

7. Who will deal with my bankruptcy?

The Official Receiver, a civil servant in The Insolvency Service and an officer of the court, will be responsible for administering your bankruptcy and protecting your assets from the date of the bankruptcy order. He or she will act as your trustee in bankruptcy (unless the court appoints an insolvency practitioner), and will be responsible for looking after your financial affairs for the period before and during your bankruptcy. The Official Receiver must also report to the court any matters which indicate that you may have committed criminal offences in connection with your bankruptcy. Further information is available in The Insolvency Service leaflet - 'What will happen when I go to the Official Receiver's Office?' (see section 10 for details about where you can get this leaflet.)

8. What are my duties as a bankrupt?

When a bankruptcy order has been made against you, you must do all the following things:

• Provide information about your financial affairs to the Official Receiver. (The court will give you the address and telephone number of the Official Receiver.) You will need to contact the Official Receiver as soon as possible once the bankruptcy order has been made. If you cannot go immediately to the Official Receiver's office, he or she will ask you questions over the telephone. You may also have to attend an interview at the Official Receiver's office at a later date.
• Look after and hand over your assets to the Official Receiver, together with all your books, records, bank statements, insurance policies and other papers relating to your assets and debts.
• Tell your trustee in bankruptcy about any assets and increases in income you receive during bankruptcy.
• Stop using your bank and building society accounts, credit cards and similar accounts straight away. You should be able to apply for a basic bank account that you can use during your bankruptcy. The Official Receiver will advise.
• Not get credit of £500 or more from any person without first telling them that you are a bankrupt.
• Not make any payments direct to your creditors for money that you owed before the bankruptcy order was made.

If you do not co-operate with your trustee in bankruptcy, you could be arrested, or your
discharge could be suspended.

9. When will my bankruptcy end?

Generally you will be automatically freed from bankruptcy (known as 'discharged') after a maximum of 1 year. You will automatically become free from bankruptcy if the court annuls (cancels) the bankruptcy order. This would normally be where your debts and the fees and expenses of the bankruptcy proceedings have been paid in full, or the bankruptcy order should not have been made. Further details are available in The Insolvency Service leaflet - 'When will my bankruptcy end?'

If the Official Receiver believes that your failure does not warrant further investigation, he can apply for early discharge. Conversely, the Bankruptcy can last more than 1 year if e.g due to non-cooperation the discharge is suspended. Significantly, some or all of the restrictions imposed by Bankruptcy can continue after discharge, if a Bankruptcy Restriction Order is made, and this can last for anything up to 15 years.

This booklet provides general information only. Every effort has been made to ensure that the information is accurate, but it is not a full and authoritative statement of the law and you should not rely on it as such. The Insolvency Service cannot accept any responsibility for any errors or omissions as a result of negligence or otherwise.

© Crown copyright 2001.
The information in this booklet is subject to Crown copyright protection. Source: 'Dealing With Debt - How to petition for your own bankruptcy' issued by The Insolvency Service in partnership with the Court Service.