Mr Marcus McGowan MSc PgDip BA (Hons)

This Business Education Learning Blog is aimed primarily at Higher Business Management students/teachers and ICT students/teachers.

The aim of this blog is to provide you with interesting articles, news, trivia as well as resources or links to materials which will help in your course of study.

I am a Teacher of Business Education and I have written for Education Scotland and BBC Bitesize.

If you'd like to contact me please click on the link to: email me

Wednesday 17 March 2010

Bankruptcy - Some Myths

The word bankruptcy comes from two old English words, "bankus" which means a tradesman's table and "ruptus" which means to break.

In old England, only traders could be made bankrupt and they were then subjected to punishments such as the stocks and "the clink" - the debtors' prison where day release was granted to allow debtors to work to pay off their debts.

The rules have changed somewhat since then and some may say bankruptcy is now too easy an option.

However, there is still much misinformation about what happens when you are made bankrupt and a lot of rumour that has almost become modern myth.

Anyone who owes more than £750 can technically be made bankrupt.

Read the full article http://news.bbc.co.uk/1/hi/business/8570467.stm
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