Having filed for bankruptcy, you may have been served with a ‘bankruptcy restriction order‘ by the court. Such an order restricts you from engaging in certain activities, such as buying or selling property, for two years. If you do not abide by the restrictions, you may be charged with an offence. If this occurs, you should seek legal advice to determine whether you have a valid defence in court. Find legal advice at Ascot solicitors like www.parachutelaw.co.uk/
The official receiver will monitor your business affairs and finances. This person will be in charge of your financial life and will immediately spot any violations of the bankruptcy order. An official receiver will also seek court permission to investigate any alleged violations of the bankruptcy restriction order. This order can last anywhere from two to five years. It is also important to note that a bankruptcy restriction order is only imposed if you have violated the terms of the bankruptcy order.
Bankruptcy restriction orders are often used to prevent individuals from engaging in certain activities that could damage their credit. The best way to avoid this is to abide by the terms of your bankruptcy restriction order. You should consult with an experienced bankruptcy lawyer before you begin making any purchases. Even if you plan on using a credit card, you should consider the consequences before you make a decision. Remember that you may be facing fines or prison if you break bankruptcy restrictions.