The Regulator for Charities in England and Wales
In this section...
DISQUALIFICATION FOR ACTING AS A CHARITY TRUSTEE
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| The Law | Refer to a lawyer | Refer to an accountant |
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| Arrangement | Agreement made between a debtor and his creditors, whereby the creditors accept an agreed sum in settlement of their claim rather than make the debtor bankrupt, or in the case of the company, force it into insolvency | |
| Bankruptcy Restrictions Order | A bankruptcy restrictions order (BRO) is made by the court on application of the Secretary of State or the official receiver. It is granted if the court thinks it appropriate with regard to the conduct of the bankrupt. Many types of behaviour may be taken account of in reaching this decision, including failure to keep adequate records, incurring debts which he had no reasonable chance of repaying , rash or hazardous speculation, fraud and so on.
If the court grants a BRO, the bankrupt is subject to certain restrictions which are normally lifted when he is discharged from bankruptcy. The period during which these restrictions obtain may be from 2 to 15 years. | |
| Bankruptcy Restrictions Undertaking | A Bankruptcy Restrictions Undertaking (BRU) has the same effect as a BRO, but does not involve the courts. A bankrupt may enter into a BRU if he or she admits the unfit conduct alleged by the official receiver. It is likely to be of shorter duration than a BRO, although while in force, the restrictions are the same. | |
| Composition | Agreement between a debtor and creditors to settle a debt immediately by repaying only a part of it. | |
| Sequestration | The taking and keeping of property on the order of a court, especially seizing property from someone who is in contempt of court | |
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