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Debt Relief Options Overview

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Questions and Answers

What is one of the options available to a person who cannot pay their debts?

Luxury shopping spree

Entrepreneurship program

Real estate investment

Bankruptcy (correct)

Which legislation amended the Insolvency Act 1986?

Consumer Protection Act 1990

Bankruptcy Relief Act 2010

Enterprise Act 2002 (correct)

Financial Stability Act 2014

When is a person considered 'insolvent' for bankruptcy to be relevant?

When they have debts payable immediately and sufficient funds to pay them

When they have debts payable immediately and lack sufficient funds to pay them (correct)

When they have no debts at all

When they have debts payable in the future and a reasonable prospect of paying them

What is the role of the Official Receiver in bankruptcy?

Become Trustee in Bankruptcy (TiB) Signup and view all the answers

What may remain in place for up to 15 years after a person is discharged from bankruptcy?

Bankruptcy Relief Order (BRO) Signup and view all the answers

How does the bankruptcy process typically start?

With a Creditor(s)’ petition to the court Signup and view all the answers

What is the minimum amount an unsecured creditor must be owed to petition for bankruptcy?

£5,000 or more Signup and view all the answers

How long is the typical 'Debt Relief Order' period for a debtor with small liabilities and assets?

12 months Signup and view all the answers

When must the debtor submit a 'statement of affairs' to the Official Receiver?

Within 21 days of the bankruptcy order Signup and view all the answers

Who can demand a creditors' meeting if the Official Receiver does not call for one?

Creditors representing 25% or more of the debtor's liability Signup and view all the answers

What does the Official Receiver do after taking control of a debtor's assets?

Appoint a trustee in bankruptcy Signup and view all the answers

What is NOT considered part of the bankrupt's estate that automatically vests in the trustee in bankruptcy?

High-value furniture Signup and view all the answers