Time to face the music

richiescotland

first post so go easy on me , know beenreally stupid , made mistakes and depression kicking in

Told by accountant today to wind up limited company, I own a pub. Downturn in sales has caused me to be unable to pay landlords rent, owe 2 months. Owe NI 12000, vat 20000 and personal tax. I have aloan from the bank with just a personal guarantee of 10000 and the landlord had a getout clause that if i shut I had to pay 6 months up front so thats another personal guarantee of 15. I have serviced all these bills for a few years so never thought things would get this bad.
If or should I say when the company goes down I will personally be facing problems. eg mortgage and credit card payments which are all up to date and credit card debt of 25000 all up to date.
equity on house is only £25000. No savings as put all in in effort over the years to keep afloat.
Should i be better to go personally bankrupt, the wife also was acompany director so has lost her income too and if I do can the personal guarantees cause me to lose the house. I hope to get an offer of work in the same line after the new year but until then stuck depressed and near suicidal if i had the courage and was more stupid than I have been.
any suggestions or crticism of my mistakes gratefully accepted Thanks

deedee_3

Hi and welcome to the board,

No one here will judge you or your situation. Bankruptcy in Scotland is different to England but there are a couple of posters on here who will be able to help you and we can support you as much we can.

The first thing you need to do is talk to one of the debt charities. I will just get the links for you.

here we go from the Bankruptcy Help sticky


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Information for those in Scotland.


Advice on bankruptcy.

• Consumer Credit Counselling Service (Scotland) - Website: CCCS Telephone: [IMG]chrome://skype_ff_toolbar_win/content/cb_transparent_l.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/famfamfam/gb.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/arrow.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG]080...[IMG]chrome://skype_ff_toolbar_win/content/cb_transparent_r.gif[/IMG]
• National Debtline (Scotland) - Website: National Debtline Telephone: [IMG]chrome://skype_ff_toolbar_win/content/cb_transparent_l.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/famfamfam/gb.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/arrow.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG]0808 8...[IMG]chrome://skype_ff_toolbar_win/content/cb_transparent_r.gif[/IMG]
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)

Others:

• Business Debtline Scotland - Website: Business Debtline Telephone: [IMG]chrome://skype_ff_toolbar_win/content/cb_transparent_l.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/famfamfam/gb.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/arrow.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG]0800 1...[IMG]chrome://skype_ff_toolbar_win/content/cb_transparent_r.gif[/IMG]
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

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Accountant in Bankruptcy (equivalent of the English Insolvency Service).

Main website: www.aib.gov.uk

For general queries about insolvency (but not debt advice) you can contact: General helpline - Tel: [IMG]chrome://skype_ff_toolbar_win/content/cb_transparent_l.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/famfamfam/gb.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/arrow.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG][IMG]chrome://skype_ff_toolbar_win/content/space.gif[/IMG]0845 762 6171[IMG]chrome://skype_ff_toolbar_win/content/cb_transparent_r.gif[/IMG] - Email: [EMAIL="Helpline@aib.gsi.gov.uk"]Helpline@aib.gsi.gov.uk[/EMAIL]

Bankruptcy

Low Income Low Assets.

Debt Arrangement Scheme

Trust Deeds

Bankruptcy after 1 April 2008

• DAIP - Debt Advice and Information Pack
• Debtor's Guide
• Creditor's Guide
• Bankruptcy Restriction Guide
• Trust Deeds Guide

Bankruptcy before 1 April 2008 (follow for links)

JCS1

Pubs have been having a hard time lately, most of the people I interviewed quoted high rent, cheaper drink from supermarkets, downturn in trade, increasing overheads and finally the smoking ban.

Guessing this sounds familiar to you?

OR's are used to this kind of situation, if BR is recommended for you, the exmainer should be aware of the issues you faced.

maxmycardagain

you could resign as company director and secretary and walk away then go personally BR, and thats about it really

deedee_3

Sorry that hasn't come out right. This is the thread and that was from the bottom of the first post.

http://forums.moneysavingexpert.com/showthread.html?t=1056083&page=3

richiescotland

thanks for advice
will read all about it