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  • FIRST POST
    • Tony2017
    • By Tony2017 13th Jul 17, 12:20 PM
    • 3Posts
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    Tony2017
    Bankruptcy, company director and Insurance
    • #1
    • 13th Jul 17, 12:20 PM
    Bankruptcy, company director and Insurance 13th Jul 17 at 12:20 PM
    Hi all new here, so hopefully someone will have a good answer for me. Back in 2012 I entered Sequestration, a form of bankruptcy which lasted a year. Reasons for entering I had just under £4,700 of debt and was not looking good for me with doctors saying my life was over, I entered into this agreement. But just to prove people wrong I have managed to bounce right back. I have 2 business partners and we have 3 companies, but for insurance purposes I cannot become a Director/Managing Direct on the board of the companies as insurers will not touch us for liability and employee insurance as I have been made bankrupt in my life. Have checked my credit score which is 515 and due to change tomorrow. Has anyone got some tips, as I am considered an employee but personally run all three companies. Reason for being a Director is that my name brings in all the business and is the key selling point of the business so want a bigger say in the matter. thanks in advance for any advice you can give.
Page 1
    • Guest101
    • By Guest101 13th Jul 17, 1:46 PM
    • 14,629 Posts
    • 14,357 Thanks
    Guest101
    • #2
    • 13th Jul 17, 1:46 PM
    • #2
    • 13th Jul 17, 1:46 PM
    You owed under £5k (so a DMP would've been perfect), were about to die (so your debt dies with you) and you went bankrupt? Who advised you??!!


    Anyway, you cant be a director, so I don't understand what the issue is. If you don't like it, resign and go self employed.
    • fishybusiness
    • By fishybusiness 13th Jul 17, 5:46 PM
    • 1,106 Posts
    • 682 Thanks
    fishybusiness
    • #3
    • 13th Jul 17, 5:46 PM
    • #3
    • 13th Jul 17, 5:46 PM
    but for insurance purposes I cannot become a Director/Managing Direct on the board of the companies as insurers will not touch us for liability and employee insurance as I have been made bankrupt in my life
    Load of waffle, plenty of ex bankrupts become directors of companies, can get insurance legitimately and do.

    Don't understand why you would say that as obviously your track record suggests you are capable of understanding business.

    How and who have you approached for insurance?
    Last edited by fishybusiness; 13-07-2017 at 5:48 PM.
    • Tony2017
    • By Tony2017 13th Jul 17, 8:58 PM
    • 3 Posts
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    Tony2017
    • #4
    • 13th Jul 17, 8:58 PM
    • #4
    • 13th Jul 17, 8:58 PM
    Hi Guys, thanks for the reply I own all three companies so I am "self employed" and are set to make in excess of 1.6 million. But for some reason I have approached 5 major insurance companies and been declined due to being previously bankrupt by there underwriters. I have had to appoint others as directors, so as you can imagine, so the top structure of the company is messed up. I have been given a number for an insurance broker, but thought I would post on here to see if anyone had advice or tips before going down that route as I am looking to appoint new board members and would like to include myself in the list. As you can imagine handing your child over to other to manage you looking after them and telling you what way they want things done, is not the best situation.
    • fishybusiness
    • By fishybusiness 13th Jul 17, 10:31 PM
    • 1,106 Posts
    • 682 Thanks
    fishybusiness
    • #5
    • 13th Jul 17, 10:31 PM
    • #5
    • 13th Jul 17, 10:31 PM
    https://www.peacockinsurance.co.uk/bankruptcy-insurance.aspx

    Not just a google search, I use them!
    • Tony2017
    • By Tony2017 14th Jul 17, 9:30 AM
    • 3 Posts
    • 0 Thanks
    Tony2017
    • #6
    • 14th Jul 17, 9:30 AM
    • #6
    • 14th Jul 17, 9:30 AM
    Google search is were I found the other insurers, as you can tell I am not 100% knowledgeable in this area, have tried the other as they had sections for Bankruptcy but did not supply me. I will give them a look over thank you.
    • Guest101
    • By Guest101 14th Jul 17, 10:17 AM
    • 14,629 Posts
    • 14,357 Thanks
    Guest101
    • #7
    • 14th Jul 17, 10:17 AM
    • #7
    • 14th Jul 17, 10:17 AM
    Hi Guys, thanks for the reply I own all three companies so I am "self employed" - No you're not, you're a business owner. Your employed by those companies, which are a separate legal entity to you personally. and are set to make in excess of 1.6 million. - ofcourse they are, which is why you're asking for free advice here, and not a solicitor. But for some reason I have approached 5 major insurance companies and been declined due to being previously bankrupt by there underwriters. I have had to appoint others as directors, so as you can imagine, so the top structure of the company is messed up. - in what way, you're the owner, you've appointed directors. I have been given a number for an insurance broker, but thought I would post on here to see if anyone had advice or tips before going down that route as I am looking to appoint new board members and would like to include myself in the list. As you can imagine handing your child over to other to manage you looking after them and telling you what way they want things done, is not the best situation.
    Originally posted by Tony2017
    Something just doesn't sound right about this. A company doesn't require a board, especially a relatively small company turning over 500k (or whatever the breakdown between the 3)
    • DCFC79
    • By DCFC79 14th Jul 17, 2:31 PM
    • 29,742 Posts
    • 18,830 Thanks
    DCFC79
    • #8
    • 14th Jul 17, 2:31 PM
    • #8
    • 14th Jul 17, 2:31 PM
    Your credit score is just a number you only see, lenders, banks etc see the data on your credit file.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
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