- Individual Voluntary Arrangements (IVA's)
- Bankruptcy
- Debt Relief Orders (DRO's) Return to homepage
- Debt Management Plans (DMP's)
- Informal Agreement with Creditors
- County Court Administration Order (CCAO)
- Trust Deeds (Scotland)
- Consolidation Loan
- Mis-sold Payment Protection Insurance (PPI)
- Debt Calculator
- Debt Advice Centres
- Latest Insolvency News
What restrictions are there?
For the duration of the Order, the debtor will be subject to similar restrictions as in bankruptcy. These restrictions include the following:
• The debtor must not obtain credit of £500 or more, either alone or jointly with another person, without disclosing that they are subject to a DRO to the lender.
• The debtor may not carry on a business (directly or indirectly) in a name that is different from the name under which they were granted a DRO, without telling all those with whom the debtor does business the name under which they were granted a DRO.
• The debtor may not be involved (directly or indirectly) with the promotion, management or formation of a limited company, and may not act as a company director, without the court’s permission.
• The debtor will only be able to obtain a DRO once every six years.
Furthermore the Official Receiver will be able to apply for a Debt Relief Restrictions Order, similar to the bankruptcy restriction order, which will extend the period of restriction for up to fifteen years for debtors who are dishonest or culpable.