If you have been made
bankrupt, you have certain responsibilities towards managing your
finances, employment and business. These responsibilities are called the
bankruptcy restrictions. Find out what they are and how long they last.
What are the bankruptcy restrictions?
When a court makes you bankrupt, you have to follow a set of
rules called 'bankruptcy restrictions'. These do not allow you to:
- borrow more than £500 without telling the lender you are
- act as the director of a company
- create, manage or promote a company without the court’s
- manage a business without telling those you do business with you
- work as an insolvency practitioner (an authorised debt
It is a criminal offence to break any of the
bankruptcy restrictions. Contact your local Citizens Advice Bureau or
the National Debtline for free help and advice on how the bankruptcy
restrictions can affect you.
You can pass on information about
people who break the bankruptcy restrictions to The Insolvency Service.
Telephone their enforcement hotline (0845 601 3546) or use their online