Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Duration definition

What does Duration mean? In debt capital markets, investment and treasury practice, duration describes how long, on average, it takes to receive a bond’s cash flows and how sensitive the bond’s price is to interest rate (yield) changes. Macaulay duration is the weighted average time to all cash flows, discounted at the bond’s yield; a higher Macaulay duration means cash flows are further out and the price is more interest rate sensitive. Modified duration translates this into an estimate of the percentage price change for a 1% change in yield. For securities with embedded options, practitioners may use effective duration. Duration is...

Bankruptcy Restrictions Orders (BROs) in England and Wales: Effects, Duration, Registers, Prohibitions, Criminal Offences, Cessation and Annulment

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

Effect of a Bankruptcy restrictions order

The effect of a bankruptcy restrictions order (BRO) is to place extensive limits on a bankrupt. These mirror the constraints in force before Discharge from bankruptcy, and there are further prohibitions beyond insolvency law, e.g. not serving as a local councillor. Where a bankrupt is made subject to a BRO, those limits persist for the length of the BRO, irrespective of whether discharge has occurred. Failing to observe a BRO is a criminal offence. Anyone breaching a BRO may face prosecution and can be fined, imprisoned, or both. Further information on the restrictions arising from a BRO is outlined below.

Duration of a BRO

A BRO under the Insolvency Act 1986 (IA 1986) may run from two to fifteen years. The period imposed in any case is set by reference to the seriousness of the misconduct that resulted in the BRO being made...

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Lydia Pemberton

3 PB Barristers

Lydia’s practice comprises contentious chancery matters, specialising in contentious probate, and insolvency – dead people, dead companies!She has a particular interest in personal insolvency and advises both trustees and debtors across all aspects of this area. She has extensive experience in section 423 IA 1986 applications and sham transactions.Lydia represents the Attorney General in CDDA and IA proceedings and acts for both office-holders and directors following a company insolvency.Her work within chancery focuses on the substantive validity of wills and other claims against estates by beneficiaries, creditors and Inheritance Act claimants....

Web page updated on 21/05/2026

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