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LATEST NEWS & EVENTS Those in debt 'cannot hide assets'  Individuals facing bankruptcy have been warned of the potential consequences of attempting to hide assets so they are not lost to creditors. The Insolvency Service noted failure to disclose assets can leave bankrupts facing a custodial sentence or monetary sanctions, as well as the possibility of bankruptcy restrictions being in place for up to 15 years, rather than the usual period. It comes after figures showed more than 200 people have already tried to hide assets from the Official Receiver this year, compared to 28 in 2008-09. "People struggling with debt who want to benefit from the debt relief arrangements offered by the insolvency regime must be prepared to declare all of their assets," said the Insolvency Service's Les Cramp. The organisation has 38 offices in England and Wales and is responsible for administering and investigating the affairs of bankrupts, as well as establishing the reasons for their insolvency. Rick Munro, head of insolvency and recovery at Lamport Bassitt, said: "There are a whole arsenal of powers open to a trustee in bankruptcy to uncover and recover missing assets, which can involve substantial legal costs and in very serious cases prison. "It is important that debtors are forthcoming about their financial position from the outset." Posted by Isobel Whitely 
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