Accountant in Bankruptcy Terms with "B"

Glossary of Accountant in Bankruptcy - Glossario Contabile Fallimento

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BACS Transfers: 3 day electronic payments and receipts, processed via BACS Ltd (formerly known as Bankers' Automated Clearing Services).

Bankruptcy: formal court process which transfers your property to a trustee.

Bankruptcy Restriction Order (BRO): restrictions placed on a debtor if their trustee believes they misbehaved before, or during, their bankruptcy. A BRO is imposed by a sheriff and applies restrictions to a debtor's credit and work activities. The sheriff will fix the period of the restrictions and this can be for between 2 and 15 years after the debtor has been discharged from their bankruptcy. Details of a debtor's BRO will be recorded in the public Register of Insolvencies.

Bankruptcy Restriction Undertaking (BRU): if the debtor acknowledges that their behaviour was inappropriate, either before or during their bankruptcy, they can agree to enter into a Bankruptcy Restrictions Undertaking (BRU). A BRU imposes the same restrictions as a BRO but does not require an application to a sheriff. The period of the BRU can be shorter than a BRO imposed by a sheriff. Details of a debtor's BRU will be recorded in the public Register of Insolvenices.