New legislation - the Enterprise Act 2002
Introduction
What are the main changes of the new legislation (Enterprise Act 2002)?
Under the Enterprise Act 2002, responsible businesses that go bankrupt and those where negligence and recklessness has led to bankruptcy will be treated differently. Under this system bankrupts who are not reckless will be given the chance of a 'Fresh Start' and if they co-operate with the Official Receiver will be discharged from their debts and released from any restrictions after a maximum of twelve months. Reckless bankrupts, on the other hand, will face tougher penalties under a new Bankruptcy Restrictions Order system, facing restrictions of between two and fifteen years.
The main changes are as follows:-
- In certain circumstances you may be discharged from bankruptcy
after one year (previously the minimum was two year’s)
- A limit of three years may be placed on the Trustee’s
rights to realise equity in your home. (previously this was open
ended).
- Harsher penalties imposed on those who are considered to have brought about their bankruptcy through reckless or irresponsible behaviour. Restrictions after bankruptcy could last for a further two to fifteen years.
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