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Debtor Guide - Bankruptcy

This guide provides general advice on bankruptcy for people who have been made bankrupt

Minimal Asset Process

If you are awarded bankruptcy through Minimal Asset Process (MAP) the Accountant in Bankruptcy is your trustee.

Your Debtor Contribution Order (DCO) will fix your contribution at zero. You must inform the trustee of any change in your circumstances such as a change in your income, if you receive any money, or an inheritance.

You will be discharged after six months and the trustee shortly after. However, for the following six month period you will be under certain restrictions. These are:

  • you cannot borrow more than £2,000 either solely or jointly without disclosing your bankruptcy status to the person who is providing credit
  • you cannot engage in a business unless certain criteria are met

If you do not comply with the above conditions, you will have been deemed to have committed an offence and are liable on conviction to a fine, imprisonment or both.

If your trustee discovers any of the following during your bankruptcy, your bankruptcy will no longer meet MAP criteria:

  • you have liabilities over £25,000
  • you have an income from which you can pay a contribution
  • you have assets totalling over £2000 or own any land or property

Your case will be transferred to full administration, and you will no longer be automatically discharged after six months.

If you have deliberately concealed assets or deliberately made a false declaration, you may be placed under a Bankruptcy Restrictions Order (BRO), and your discharge may be refused.

If your case is transferred from MAP to full administration as a result of you not providing accurate information, this may result in an additional charge to meet AiB’s administration fee.

You will not receive your discharge from bankruptcy until this additional fee is paid.

The subsequent sections, except for financial education, do not apply to any bankruptcy awarded under MAP.

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