There are many consequences of being declared bankrupt and some of the main ones are detailed below:
The Bankruptcy Order will usually last for one year before the individual is automatically discharged from bankruptcy
The period of one year can be extended upon an application to the court by the Official Receiver or the Trustee in Bankruptcy on the basis that the individual has failed to cooperate or comply with certain obligations during the term of the Bankruptcy Order
Failure to cooperate includes not providing requested information, not attending meetings, deliberate obstruction of the investigation and fact-finding process as well as prevarication and delay
The individual must not be concerned (directly or indirectly) in promoting, forming or managing a limited company, or acting as a company director, without the permission of the Court, whether as a director or not
The individual cannot act in a variety of roles including as an Insolvency Practitioner, a Member of Parliament or Councillor in England or Wales and many other professional bodies will disqualify the individual from the relevant profession
Restriction on the amount of credit that can be obtained without disclosure of the Bankruptcy Order as well as an adverse effect on credit ratings generally
Restriction on carrying on a business (directly or indirectly) in a different name, without declaring the existence of the Bankruptcy Order to business associates
Obligation to notify the Official Receiver or Trustee in Bankruptcy of a change in financial circumstances to include receipt of any windfall payment such as a legacy
Non-provable debts will not be written off which include secured loans (mortgages), student loans, court fines and child maintenance payments