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Letter B
Bankrupt
A person who has been declared bankrupt in accordance with the Insolvency Act of
1994.
Once made a made a bankrupt a supervisor is appointed to receive the bankrupt's
earnings. The bankrupt is then allowed to receive an allowance on which to live
with the rest of their earnings being reserved for the benefit of their
creditors (the people they owed the money to).
Bankrupts are not allowed to hold a bank accounts or apply for credit in excess
of £250 without the court's permission.
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