Teresa Jane Bandy, a bankrupt, has given a 9-year Bankruptcy Restrictions Undertaking for failing to disclose assets to the Official Receiver, as required to by law.

The ban follows an investigation by the Insolvency Service.

The undertaking given on 29 June 2015, to the Secretary of State for Business, Innovation & Skills, means that Miss Bandy will be bound for 9 years, by the restrictions set out in insolvency law that a bankrupt is subject to until they are discharged from bankruptcy normally 12 months until June 2024. In addition, she cannot manage or control a company during this period.

Miss Bandy (50) was declared bankrupt on her own petition at Warwick on 5 August 2013 and was discharged from bankruptcy on 5 August 2014.

In October 2014, it came to the attention of the Official Receiver that Miss Bandy had failed to disclose assets held at the time she presented her bankruptcy petition.

During the course of his subsequent investigations, the Official Receiver found that Miss Bandy had received an inheritance of 25,390 four months before she petitioned for her own bankruptcy - in April 2013 - of which she had spent 13,300 whilst not repaying her creditors.

On 5 August 2013, Miss Bandy filed her own bankruptcy petition with liabilities of 16,328 but failed to disclose that she still held 12,090 of the inheritance money, in bank accounts.

On 14 May 2014, whilst subject to a bankruptcy order, Miss Bandy received a further 1,662 which she also failed to disclose to the Official Receiver.

By failing to disclose these assets and subsequently spending the money, the Official Receiver was unable to collect the funds for the benefit of the bankruptcy estate and Miss Bandys creditors remain unpaid.
As a result of documentation given to Miss Bandy and which she acknowledged receipt of, following her bankruptcy, she ought to have known that she had a duty to reveal these assets to her trustee, the Official Receiver.

Commenting on the case, Gerard OHare of the Insolvency Services Official Receivers office said:

The Insolvency Service always looks very closely at individuals who disregard their duties and responsibilities whilst bankrupt and takes action where wrongdoing is uncovered.