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IVA : What Is The Enterprise Act?
The Enterprise Act 2002 came into force on the 1 April 2004. It considerably changed English Insolvency Law. Since the changes the majority bankruptcies are now discharged after 12 months, whereas previously they lasted between 2 and 3 years.
The Enterprise Act allows genuine debtors the chance to become debt free by petitioning for their own Bankruptcy if they have been unsuccessful using other means available.
Changes were made to put harsher restrictions on those who are criminally bankrupt, and those who have previously been made bankrupt. Maximum bankruptcy terms through, a Bankruptcy Restriction Order, of between 2 and 15 years can now be given if it is considered that the bankruptcy was brought about by imprudent conduct or irresponsibility .
The Enterprise Act also imposed a responsibility on the Official Receiver to deal with all the debtors assets, including any interest in properties, within 3 years of the order being made. Failure to do so will result in any assets being made exempt from the debtors estate.
If you are experiencing severe financial problems and would like to discuss the option of entering into bankruptcy or one of its alternatives call 0800 088 7503 or visit
myIVA-Adviser.com and request any of our free guides to help you make a decision about your financial future.
