esme Posted January 3, 2014 Share Posted January 3, 2014 As far as I'm aware, an undischarged bankrupt cannot be a director of a business, but it seems they can be an MEP or an MP. -- EDIT -- Actually having quickly looked round t'web it does look like you can't be an MEP or MP wile you're an undischarged bankrupt, still looking tho Link to comment Share on other sites More sharing options...
SpikeMac Posted January 3, 2014 Share Posted January 3, 2014 As far as I'm aware, an undischarged bankrupt cannot be a director of a business, but it seems they can be an MEP or an MP. -- EDIT -- Actually having quickly looked round t'web it does look like you can't be an MEP or MP wile you're an undischarged bankrupt, still looking tho I don't think that you can be an MP unless people are willing to vote for you in quite large numbers. That's Nick out then. Link to comment Share on other sites More sharing options...
esme Posted January 3, 2014 Share Posted January 3, 2014 works for me, I'm not voting for him Link to comment Share on other sites More sharing options...
GrannyGranny Posted January 3, 2014 Share Posted January 3, 2014 Regardless of what one may think of him and his policies ... this bankruptcy is a financially astute move. He owed a lot of money to a legal firm and he disputed the debt. I would guess that he had made sure that he had no tangible assets in his name. Now he only suffers a year of possible difficulty with obtaining credit (I doubt if it will be a problem for him) and his lovely MEP Salary & Expenses will be free for him to enjoy. Morally despicable, but not stupid. A year? It stays on your credit report for 5 years and some lenders will ask if you have ever been declared bankrupt so it can affects you for a lot longer. I would guess everything has been transferred to his wife by now. Link to comment Share on other sites More sharing options...
cgksheff Posted January 3, 2014 Share Posted January 3, 2014 I thought the law relating to holding a position like MP/ MEP was that a bankrupt cannot hold such a position? Read the article. ---------- Post added 03-01-2014 at 14:02 ---------- A year? It stays on your credit report for 5 years and some lenders will ask if you have ever been declared bankrupt so it can affects you for a lot longer. I would guess everything has been transferred to his wife by now. You are correct. Technically discharged after one year but whether you can get credit will be up to the lenders. http://www.legislation.gov.uk/ukpga/1986/45/section/279 Link to comment Share on other sites More sharing options...
Manlinose Posted January 3, 2014 Share Posted January 3, 2014 As far as I'm aware, an undischarged bankrupt cannot be a director of a business, but it seems they can be an MEP or an MP. -- EDIT -- Actually having quickly looked round t'web it does look like you can't be an MEP or MP wile you're an undischarged bankrupt, still looking tho The law changed in 2002, prior to that date there was an automatic disqualification if you were made bankrupt - now it only applies in Scotland and Northern Ireland, not England & Wales You can be a director of a limited company if you get the Court's permission You can obtain credit if you disclose you are bankrupt - but it is up to the lender's discretion He will get an automatic discharge from the bankruptcy - assuming he behaves himself - after 12 months ---------- Post added 03-01-2014 at 14:24 ---------- I would guess everything has been transferred to his wife by now. depending when it was done, and whether or not she paid for them, any assets transferred could be reclaimed by the trustee in bankruptcy ---------- Post added 03-01-2014 at 14:26 ---------- his lovely MEP Salary & Expenses will be free for him to enjoy. he will have to submit an analysis of his income and expenditure to the Official Receiver/trustee in bankruptcy - he may be required to make a contribution from his future earnings for the next three years Link to comment Share on other sites More sharing options...
lotar Posted January 3, 2014 Share Posted January 3, 2014 I bet UKIP get a lot of BNP votes now.... ooh.. watch out.... Link to comment Share on other sites More sharing options...
boyfriday Posted January 3, 2014 Share Posted January 3, 2014 I bet UKIP get a lot of BNP votes now.... ooh.. watch out.... I can really imagine all those BNP voters being swayed by the removal of inheritance tax, the introduction of a flat rate of income tax and £77 billion cut in public spending..even they're bright enough to wonder who will pay their benefits. Link to comment Share on other sites More sharing options...
lotar Posted January 3, 2014 Share Posted January 3, 2014 I can really imagine all those BNP voters being swayed by the removal of inheritance tax, the introduction of a flat rate of income tax and £77 billion cut in public spending..even they're bright enough to wonder who will pay their benefits. just have to wait and see hey.. Link to comment Share on other sites More sharing options...
boyfriday Posted January 3, 2014 Share Posted January 3, 2014 just have to wait and see hey.. If it comes to pass I can't wait to see the fallout when people realise UKIP aren't the political utopia they believe them to be. Link to comment Share on other sites More sharing options...
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