Publishing bankruptcy in the local paper
We get lots of people who call the Help With Debt helpline, who have a large amount of debt, and who are seriously considering going bankrupt. For some of these people there is a real problem with the stigma of bankruptcy. This stigma is not helped by the assumption that the name of the bankrupt will appear in a local paper for all friends and family to see.
That is not now the case. The Insolvency Service announced that as from April 6th there is now no mandatory requirement to advertise someone's bankruptcy in the local paper. Each Official Receiver will now have the discretion to take whatever steps they see fit, or none to advertise the bankruptcy.
Prior to this all those that went bankrupt had their name, home address and last known occupation placed in an advert in their local paper.
It is our belief that if you are going through a bankruptcy you can ask not to have your name and address advertised in the local paper. The fact of the bankruptcy will appear in the London Gazette, which no member of the public ever sees, as it is subscribed to by Insolvency Practitioners. It also appears on the Bankruptcy Register and again members of the public do not search this facility.
The OR may still elect to advertise the bankruptcy where:-
*there has not been a full disclosure i.e. there is significant asset, liability or conduct information or, where the advertisement might have the effect of bringing the proceedings to the attention of the absent director or bankrupt or
*there has been a high level of complaint or public concern, perhaps where the official receiver is receiving calls from individual customers or (ex) employees of the company, who are unsure as to the status of the insolvent.
If you are concerned about going bankrupt because you fear it may be advertised, talk to us and we'll take you through the process and try to ensure that the Official Receiver does not advertise the bankruptcy locally to you.
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