Bankruptcy - Who finds out?

[maria28]

Hi,

I'm seriously considering making myself bankrupt shortly. I wondered whether this is something I need to tell my employer. Should I tell them and let them know my situation, say nothing and keep my business private, or will they find out anyway through payslips or accountants who do wages?

[blue4ever]

HI MARIE28 Go to this link this will explaine a lot and may help you
Cheers B4E
The Insolvency Service Website

[rory32]

That link is for the bankruptcy process in England blue4ever.

The process in Scotland is a little different http://www.aib.gov.uk/MainNav/Services/Legislation

[blue4ever]

sorry did not know will try harderB4E

[Lula]

its ok Blue, there is nothing to say that the OP is actually in Scotland, I think that Rory was just giving the scottish option , in case lol

[blue4ever]

Just Looked Around And This Tread Is In The Section
Dealing With Debt In Scotland Ooops
Well We Now Know If Someone Gets It Wrong There`s Alway Backup To Help
Cheers Rory32+lula

B4E
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Thank You blue4ever

[Moonlighter]

Hi MARIE28

There are two types of bankruptcies in Scotland - the Trust Deed which is informal and Sequestration which is the formal type through the Accountant in Bankruptcy.

Your employer does not need to know unless you have a contract that says you must tell them or indeed one which debars an individual from remaining an employee whilst an undischarged bankrupt. Your trustee, whether under a trust deed or sequestration, will need to know how much you are paid and if you can give your trustee payslips or a P60, they should not need to contact your employer at all. Please bear in mind that thousands of people become bankrupt in Scotland every year and most employers would think nothing of a member of their staff having to go through an insolvency procedure.

Both trust deeds and sequestrations are advertised in a publication called the Edinburgh Gazette which is an official publication which members of the public and employers do not usually read.

I hope this is helpful, but if you'd like more information please let me know.
Kind regards

Moonlighter