Restrictions on bankrupt: capacity limits and transactional controls apply until modification, recall, or discharge. From the bankruptcy commencement date a bankrupt is barred from acting as a company director or engaging in promotion or management, prohibited from creating charges or incurring further debt without the trustee's sanction, obliged to inform business partners and certain counter parties of the bankruptcy, incompetent to maintain legal proceedings relating to bankruptcy debts without the Adjudicating Authority's sanction, and restricted from overseas travel without such permission; these restrictions end if the bankruptcy order is modified, recalled, or the bankrupt is discharged.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Restrictions on bankrupt: capacity limits and transactional controls apply until modification, recall, or discharge.
From the bankruptcy commencement date a bankrupt is barred from acting as a company director or engaging in promotion or management, prohibited from creating charges or incurring further debt without the trustee's sanction, obliged to inform business partners and certain counter parties of the bankruptcy, incompetent to maintain legal proceedings relating to bankruptcy debts without the Adjudicating Authority's sanction, and restricted from overseas travel without such permission; these restrictions end if the bankruptcy order is modified, recalled, or the bankrupt is discharged.
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