Chapter 21 - Post Bankruptcy Order Flashcards

1
Q

If bankrupt has an increase in income or acquires property, how soon must they tell trustee?

A

Within 21 days

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2
Q

Can a creditor continue with execution to recover debts from a bankrupt?

A

No

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3
Q

What are the landlords rights to exercise CRAR with a bankrupt?

A

A landlord’s right to exercise CRAR limited to 6 months rent arrears accrued before the bankruptcy order made

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4
Q

What is S284?

A

Post petition depositions by the bankrupt are void.

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5
Q

When must an OR call a creditors meeting for a bankrupt?

A

Must decide within 12 weeks of order and must call one If 25% in value of creditors request so (for first meeting and for removal of trustee)

10% in value of creditors can request a creditors meeting at any other time.

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6
Q

Other than a debtors application, in what time period must a bankrupt submit a statement of affairs to the OR?

A

21 days of bankruptcy order

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7
Q

On request of the OR the bankrupt has a duty to furnish him with accounts for up to what time period and in what timeframe should they be delivered?

A

3 years

delivered within 21 days

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8
Q

OR must apply to court for a public examination of a bankrupt if requisitioned by how many creditors?

A

50% or more of the creditors in value

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9
Q

If a simple majority of creditors requisition that the OR applies to court for a public examination of a bankrupt, in what timeframe must they apply to court?

A

Within 28 days, unless he can show the court that the request was unreasonable

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10
Q

The trustee or OR can apply for a public examination under S366 of whom?

A
  • Bankrupt
  • Bankrupts spouse/former spouse/civil partner
  • any person known, or believe to have property comprised in the bankrupts estate
  • Bankrupts debtors
  • Any person appearing to court to be able to give information concerning the bankrupt
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11
Q

What are offences by bankrupt that could lead to 7 years imprisonment and/or fine? (6)

A
  • S353 non-disclosure of property
  • s354 Concealment of property
  • S355 Failure to deliver up books and records
  • S356(1) bankrupt makes material omission
  • S356(2) Bankrupt makes false stmt
  • S359 if within 12 months pre petition dispose of any property obtained on credit
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12
Q

What are offences by bankrupt that could lead to 2 years imprisonment and/or fine? (5)

A
  • S354(3) offense if fails to account without reasonable excuse for loss of any substantial part of his property
  • S357 offence if bankrupt makes give or transfer of property within 5 years of commencement
  • S358 offence if bankrupt leaves or attempts to leave E&W with over £1k in 6 months prior to petition
  • S360 obtaining credit or engaging in business in name other than bankruptcy
  • S11 CDDA offence to be directly involved in formation and management of a company
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13
Q

If a bankrupt requests a receipt and payments account, in what time period must it be delivered?

A

Within 14 days

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14
Q

What are the two situations in which the OR will refuse to make an application to state in a bankruptcy, even if request is backed by majority of members?

A
  • Where it is a surplus case
  • Where the assets have already been realised and are comprised entirely of cash held with bank or solicitor
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15
Q

What are the duties of an OR in bankruptcy?

A
  • Take all steps as he thinks fit for protecting the estate
  • to investigate the conduct and affairs of the bankrupt unless he things an investigation is not necessary
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16
Q

Bankruptcy - S353 non-disclosure of property, does defence of innocent intent apply?

A

Yes

7 years and/or fine

17
Q

Bankruptcy - S355 Failure to deliver up books and records, does defence of innocent intent apply?

A

Yes

7 years and/or fine

18
Q

Bankruptcy - s354 Concealment of property, does defence of innocent intent apply?

A

Yes

7 year and/or fine

19
Q

Bankruptcy - S354(3) offense if fails to account without reasonable excuse for loss of any substantial part of his property, does defence of innocent intent apply?

A

No defence under S352 (innocent intent)

2 years

20
Q

Bankruptcy - S355 Failure to deliver up books and records, does defence of innocent intent apply?

A

Yes innocent intent S352

7 years and/or fine

21
Q

Bankruptcy - S356(1) bankrupt makes material omission, does defence of innocent intent apply?

A

Yes innocent intent S352

7 years and/or fine

22
Q

Bankruptcy - S356(2) Bankrupt makes false stmt, does defence of innocent intent apply?

A

No defence under S352 (innocent intent)

7 years and/or fine

23
Q

Bankruptcy - S357 offence if bankrupt makes give or transfer of property within 5 years of commencement, does defence of innocent intent apply?

A

Yes innocent intent S352

2 years and/or fine

24
Q

Bankruptcy - S358 offence if bankrupt leaves or attempts to leave E&W with over £1k in 6 months prior to petition, does defence of innocent intent apply?

A

Yes innocent intent S352

2 years and/or fine

25
Q

Bankruptcy - S359 if within 12 months pre petition dispose of any property obtained on credit, does defence of innocent intent apply?

A

Yes innocent intent S352

7 years and/or fine

26
Q

Bankruptcy - S360 obtaining credit or engaging in business in name other than bankruptcy. does defence of innocent intent apply?

A

No defence under S352 (innocent intent)

2 years and/or fine

27
Q

A bankrupt is unable to obtain credit in excess of what level before disclosing the name under which they were adjudged bankrupt?

A

£500

28
Q

A second bankruptcy within 6 years constitutes grounds for what?

A

A Bankruptcy Restrictions Order

29
Q

Who may apply for an order suspending automatic discharge?

A

Trustee or the official receiver

30
Q

Is a court order required to suspend automatic discharge of bankrupt?

A

Yes

31
Q

Is obtaining a Debt Relief Order grounds for annulment of a bankruptcy order?

A

No

32
Q

Is approval of an IVA grounds for annulment of a bankruptcy order?

A

Yes

33
Q

In bankruptcy how many creditors can force trustee to call a creditors meeting?

A

10%

Unless it is to remove a trustee, then it is 25%