Debtor Guide - Bankruptcy

Your trustee will:

• interview you or investigate your business premises using a method they consider appropriate
• require information about what you owe, who you owe money to, your income and what you spend
• ask you to provide evidence, such as wage slips, bills, and bank statements
• take control of your assets
• monitor your DCO and your financial circumstances
• pay a dividend to your creditors if enough money is ingathered
• compile a record of your bankruptcy known as the sederunt book, containing court orders, accounts and meeting records, excluding general correspondence

You must always co-operate with your trustee. Failure to do so can result in your bankruptcy lasting longer or restrictions being placed on you. You could also be committing a criminal offence for which you could be fined, sent to prison or both.

When the Accountant is your trustee, their staff will administer your bankruptcy, or your case may be passed to an insolvency practitioner who works on the Accountant’s behalf. It will make no difference to how your bankruptcy is administered, but you will be told who is dealing with your bankruptcy.