Chapter 21 - Post Bankruptcy Order Flashcards
If bankrupt has an increase in income or acquires property, how soon must they tell trustee?
Within 21 days
Can a creditor continue with execution to recover debts from a bankrupt?
No
What are the landlords rights to exercise CRAR with a bankrupt?
A landlord’s right to exercise CRAR limited to 6 months rent arrears accrued before the bankruptcy order made
What is S284?
Post petition depositions by the bankrupt are void.
When must an OR call a creditors meeting for a bankrupt?
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.
Other than a debtors application, in what time period must a bankrupt submit a statement of affairs to the OR?
21 days or bankruptcy order
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?
3 years
delivered within 21 days
OR must apply to court for a public examination of a bankrupt if requisitioned by how many creditors?
50% or more of the creditors in value
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?
Within 28 days, unless he can show the court that the request was unreasonable
The trustee or OR can apply for a public examination under S366 of whom?
- 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
What are offences by bankrupt that could lead to 7 years imprisonment and/or fine? (6)
- 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
What are offences by bankrupt that could lead to 2 years imprisonment and/or fine? (5)
- 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
If a bankrupt requests a receipt and payments account, in what time period must it be delivered?
Within 14 days
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?
- Where it is a surplus case
- Where the assets have already been realised and are comprised entirely of cash held with bank or solicitor
What are the duties of an OR in bankruptcy?
- 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
