There are things you cannot do by law if you're bankrupt. These are called 'bankruptcy restrictions' (rules).
- borrow more than £2,000 without telling the lender you’re bankrupt
- borrow any amount without telling the lender you're bankrupt if you owe £1,000 or more in other debts
- set up a limited company or be involved in the running of one
- be an MP
- be a local council member
- be a Justice of the Peace
You must also cooperate with the trustee.
You could break the law if you do not follow the rules. You could get a fine, go to prison or both.
How long the rules last for
The rules last until you're 'discharged'. This is usually 12 months from the date of your bankruptcy as long as you cooperate with the trustee.
The trustee can delay your discharge from bankruptcy if you do not cooperate with them.
Bankruptcy Restriction Order
The trustee can ask AiB to give you a Bankruptcy Restriction Order if you:
- break the rules
- have been dishonest
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