If you have been declared bankrupt and need insurance, make your selection below or call SIS today on 0161 969 6040.
Bankruptcy normally ends or is discharged 12 months from the bankruptcy order. There is no automatic right for early discharge. You need to cooperate with the Official Receiver or Insolvency Practitioner Trustee, who reviews your file 3 months after the report to your creditors has been issued.
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Insurers normally ask “have you or those normally living with you (or directors of your business) ever been declared bankrupt or insolvent or a director of a company that’s gone into liquidation, administration or entered into an agreement with creditors?” there seems to be no uniformity with insurers doing and saying different things – but as a rule of thumb, most insurers would consider offering normal terms to your home or business insurance once a period of 6 years has lapsed. 6 years being the time spent on your credit file, making it difficult to borrow during this period.
Because most insurers and underwriters take the moral stance and treat you as a higher risk, and if terms for cover are offered at all, they will not provide credit for paying the premium. (SIS not only provide this essential cover for home and business and motor, but also provide direct debit facilities to pay off the premium).
If the Official Receiver considers there is no other matter of concern that may need investigation, then the early discharge process can take effect. Once discharged you will be freed from most of the incurred debts you incurred before the bankruptcy order.
It is often said that you cannot become a director of limited company once bankrupted. This is not the case. Not only are you able to act as a director of a limited company, you will also be able to apply for credit without the need to disclose the bankruptcy – although you are required to report to the Official Receiver when asked to.
The Insolvency Services will service your Bankruptcy Order BO, your Debt Relief Order DRO, as well as your Individual Voluntary Agreement IVA’s, for a period of 3 months after your discharge.
HM Land Registry – Bankruptcy Orders and Petitions are entered on to the register for 5 years, regardless of whether you are discharged or not. The Official Receiver does not inform the Credit Reference Agency. The London Gazette – The Register of County Court Judgements – The Individual Insolvency Register and newspapers and advertisements is where the Credit Reference Agencies get their information from.
The Insolvency Services Insolvency Enquiry Line – 0845 602 9848.