Very afraid of BRO

nowheretorun

I am seriously considering BR, but have read a little about the possibility of BRO if everything is not ok.

Well, I have been trading the markets, also on credit, and lost loads. That can be construed as irresponsible enough for a BRO? Also, I have been running a limited company for the past 2 years, I'm late with my accounts and will probably not have enough money to pay the taxes I owe.

Very scared, only 35 years old but my future looks grim.

Rylynn

Well then may I suggest you pick up the phone and ring one of the charity debt lines numbers in threads at top of board. Get some advice and then come back and hopefully people can help support and give you advice on your SOA and the forms and things that happen as it is very stressful to go through for most people.

sententia_2

Get advice for sure. there is a provision under the BRO/Us where I've seen people given them for continuing to obtain credit when they should have known they were insolvent. ironic isn't it that we might get slapped with a BRU whereas if you are a bank the Chancellor will bail you out with tens of billions of taxpayers money.

k2nga

BRO's do seem to be very rare so i would not panic straight away to be honest but like Rylynn you need to get some advice.

Oh and dont worry about being 35 i am also 35 this year and went BR back in June. I wish i had taken advice and dealt with it all sooner as if you were like me your having sleepless nights.

Good Luck

maxmycardagain

firstly, you yourself and your ltd company are two separate entities (you are an employee, not self-employed) if you go BR you will have to resign as a director and not take part in the running of it, you could leave it and let HMRC/companies house dissolve it with little backlash

as a BR you will not be liable for your own taxes never mind the ltd comps.

you need to contact the business debtline or CCCS for advice, and post a SOA here with all assets and debts listed for a proper review and comments



sometimes i sound quite proper, but not often

maxmycardagain

BTW, if playing the markets was such an evil then half of the banking system would be behind bars right now, they arent, they are holidaying in the bahamas spending all the bonus payments...

fiveyearplan

Hi and welcome nowheretorun. I'm over 35, bankrupt and life looks pretty good to me! You'll get through this, it just seems grim right now.