Question:

I was the Director of a Company which went into Administration about 1 year ago through customers not paying and cash flow coming to a stop. The Company was Ltd but I gave Personal Guarantees against loans etc and they came after me. So I entered an IVA. Then decided to start up a business again now that the credit crunch has really hit many of my customers have gone bust and the work has all dried up. I am left with bills I cannot pay. An still in an IVA...All gone wrong. I feel this has been through no fault of my own but if I go bankrupt and get a normal life back would the OR see this as my fault and give me a Bankruptcy Restriction Order.

Answer:

It is difficult to say if you would receive a BRO or not without more information. From what you have stated I would think not. However, if you obtained credit whilst in an IVA, that is against the terms of the IVA and could be an issue.

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