pre-bankruptcy debt surfaces

london1973 · 19 September 2017 at 10:12AM

Hi everyone!

Quickish question, i am (hopefully) due to be discharged within a month now-fingers crossed!
I had an outstanding directors loan account on a previous company that was written off pre-BR date so not included-however I've heard, very informally, that this now MAY be classified as income hence a tax liability MIGHT arise at some point, its all very vague-what happens in these cases? i.e a PRE BR debt crystallises after BR and discharge-the write off was about 2 years ago I think-at the time of BR i didn't even think about mentioning it as it had been written off for some time, inc in the accounts etc
thanks!

Mouse007 · 19 September 2017 at 10:37AM

Falls into bankruptcy, because tax liability crystallises at date debt was written off (which if it hadn't been pre bankruptcy would have been at date of bankruptcy anyway).

london1973 · 19 September 2017 at 10:42AM

thanks Mouse, can this present any complications re my AD?-i.e what do I do if and when it surfaces, it might not, i'm rather in the dark

Mouse007 · 19 September 2017 at 11:19AM

Has no bearing on AD what so ever. If anyone ever comes after you refer them to your OR, all and every debt (except some court fines) pre BR fall into BR even if discoverred years later. Nothing to worry about.

pre-bankruptcy debt surfaces

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