New rules remove the concerns banks have when providing accounts to bankrupts.
Previously, the Trustee (a qualified Insolvency Practitioner) in bankruptcy was empowered to recover funds from banks (where they have released funds) as part of “After Acquired Property”. The changes now mean that this is no longer the case if notice is served after the transaction has taken place.
As a result, numerous high street banks have now agreed to offer basic bank accounts to individuals in bankruptcy.
Good news and light at the end of the tunnel for bankrupts who are trying to rebuild their lives.