What are the implications of bankruptcy?
You lose control of your assets.
You don't have any assets. You're in your 20's no property and drive a banger. Your asset is your Frzn ATPL and they can't take that (or the car).
You cannot obtain credit for over £250 without the permission from the lender.
You wouldn't need to.
You cannot act as a company director.
You weren't planning to.
You cannot take any part in the promotion, formation or management of a limited company (LTD) without the permission of the court.
You're £80k in the hole and wanting to be a pilot - setting up a company ain't high on your list of things to do.
You cannot trade in any business under any other name unless you inform all persons concerned of the bankruptcy.
See above.
You may not practice as a Charted Accountant / Lawyer.
Well you're not qualified anyway.
You may not act as a Justice of the peace (JP).
An unpaid position you are unlikely to get until middle age.
You may not become an member of parliament.
OK
You may not become a member of the local authority.
The council don't have a corporate jet fleet.
Your credit is affected for many years after the annulment.
7 years. Live without a credit card - I do.
You may be publicly examined in court.
For about 5 minutes followed by a judge banging a gavel and wiping away your £80k debt. Possibly the best 5 minutes of your life.
I know several pilots currently flying who have either been bankrupt, are likely to do so or who are in the IVA process. It has no bearing. Gordon Brown trimmed bankruptcy down from 7 years to 2 soon after entering Downing Street.
You simply cannot support a £75k debt mountain with a job in Starbucks.
WWW