3.4 What do I have to do when I have been made bankrupt?
It is important that you understand your responsibilities. These are some of the things you must and must not do.
You must:
- co-operate fully with your trustee at all times; and
- keep your trustee informed of any changes in your circumstances, such as, if you move house or if your financial circumstances change.
You must not:
- get credit for goods or services for more than £500 from any lender or supplier without telling them that you are bankrupt. You may be guilty of a criminal offence if you do not tell them;
- get any credit for goods or services without telling the lender or supplier that you are bankrupt if you already have credit of £1,000 in total. You may be guilty of a criminal offence if you do not tell them;
- start up a limited company or be involved in the day-to-day management of a limited company; and
- act as a Member of Parliament, as a member of any local council, a Justice of the Peace or a member of a school board.
This is not a complete list of your responsibilities. Your trustee will tell you exactly what is expected of you. If you do not comply with your responsibilities, you may be committing a criminal offence under the Bankruptcy (Scotland) Act 1985 (as amended) and your trustee may report you to the Procurator Fiscal.
If you fail to co-operate with your trustee, they can also ask the sheriff to extend the period of your bankruptcy.