Bank accounts for bankrupts

Concerns held by banks providing accounts to bankrupts has hopefully been eradicated.

Prior to recent changes, the Trustee in bankruptcy (a qualified Insolvency Practitioner) could potentially recover funds from banks (where they have released funds) as part of “After Acquired Property”.

The changes however now mean that this is no longer the case if notice is served after the transaction has taken place.

Consequently various high street banks have now agreed to offer basic bank accounts to individuals in bankruptcy.

Good news for individuals who are simply trying to rebuild their lives.

#InsolvencyAdvice #Bankruptcy #IndividualVoluntaryArrangement