An undischarged bankrupt is an individual who has been declared bankrupt by a court but has not yet been released from their bankruptcy status. When someone is declared bankrupt, their assets are typically transferred to a trustee who manages the distribution of those assets to creditors to repay debts. The bankruptcy process also imposes certain restrictions on the bankrupt individual’s financial activities and obligations. Until the bankruptcy is discharged, which may occur after a specified period or upon meeting certain conditions, the individual remains subject to these restrictions and obligations. These may include limitations on obtaining credit, engaging in certain business activities, or traveling abroad without permission. Being an undischarged bankrupt can have significant implications for an individual’s financial affairs and future prospects, and they may seek legal advice to navigate the bankruptcy process and work towards discharge.
A undischarged bankrupt is a Bankrupt person who is not granted an ‘order of discharge’ by a court.
This is a person whose bankruptcy has not yet been discharged. Such persons may not obtain credit (over £500) without first informing the creditor that they are a undischarged bankrupt, and they may not carry on a business without first disclosing the name under which they became bankrupt. Undischarged bankrupts may not hold offices such as Justice of the Peace (JP), member of parliament (MP), Mayor or Councillor.
An undischarged bankrupt is a Bankrupt person who is not granted an ‘order of discharge’ by a court.
An undischarged bankrupt is, in general, disqualified from holding certain public and private offices such as that of a member of the legislature or of a director in a firm.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March, 2024.
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