Undischarged Bankrupt

(redirected from Undischarged Bankrupts)
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Undischarged Bankrupt

A person or organization who has filed for bankruptcy but has not received permission from the court to stop making payments on debts. Many debts are ultimately discharged (meaning forgiven), but some debts must be repaid even after the bankruptcy is finalized.
References in periodicals archive ?
The Insolvency Service said that such cases are rare, but it is the potential risk which is currently putting banks off offering accounts to undischarged bankrupts.
It has called for an industry-wide agreement to make all banks cater for undischarged bankrupts, at which point it will consider reversing its decision.
Gillian Guy, chief executive of Citizens Advice, said: "There are still groups, such as undischarged bankrupts, who struggle to open even a basic bank account.
Undischarged bankrupts can weaken the fabric of society in the same way as an over-indebted individual.
And don't forget the two undischarged bankrupts who claim they can help save one of the clubs by joining their board of directors.
Disqualified directors and undischarged bankrupts are banned from trading.
Co-op Bank has announced its decision to stop offering basic banking accounts to undischarged bankrupts.
The Insolvency Service has launched a consultation into how financial access can be improved for undischarged bankrupts, who face added expenses if they cannot use a bank account to receive wages or pay bills.
Charity Citizens Advice said most banks were refusing to let undischarged bankrupts open even a basic bank account - with no credit facility - despite there being no legal justification for this.
Only Barclays and Co-operative Bank offer basic bank accounts to undischarged bankrupts - those going through the 12 months bankruptcy lasts for.
The accounts will only be off limits to undischarged bankrupts or customers with a history of fraud.
The number of restrictions imposed on undischarged bankrupts have been reduced.