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Should I go Bankrupt
Rusty1066
Posts: 2 Newbie
Hi all
We have been on a DMP with the CCCS for the last 3 years with a starting debt of £45,000. We are now down to £34,000. We have 4 creditors.
We run our own business as a husband and wife in partnership.
The question I want to know is if I go bankrupt will it affect the business. Can the business carry on as normal or will it be closed down
If I sell or give away my share of the partnership to my wife and then become an employee will that work.
All the debts are in my name and at the moment it will take 10 years to clear the debt.
Look forward to your replies.
We have been on a DMP with the CCCS for the last 3 years with a starting debt of £45,000. We are now down to £34,000. We have 4 creditors.
We run our own business as a husband and wife in partnership.
The question I want to know is if I go bankrupt will it affect the business. Can the business carry on as normal or will it be closed down
If I sell or give away my share of the partnership to my wife and then become an employee will that work.
All the debts are in my name and at the moment it will take 10 years to clear the debt.
Look forward to your replies.
0
Comments
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Hi Rusty
Not sure about whether you can still trade so why not ring up CCCS and ask them or try Business Debtline on 0800-197-6026?0 -
You should be able to carry on with the business I think but as Maz says get on to CCCS and check with them. You need to have taken professional advice anyway if you petition for BR as the judge may ask you if you have and can delay your petion if you haven't.
Welcome to the board
BSCno.87The only stupid question is an unasked oneLoving life as a Kernow Hippy0
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