Going Bankrupt... How will it effect my business

talltower

Hello All,

I'm currently considering going bankcrupt... I can't see another possible solution to the mess I am in - Although i am still to seek some professional advice!

I run a small window cleaning business... The majority of work I carry out myself. But, 2 other guys work for me from time to time on a sub-contract basis.

If I go bankcrupt how would it effect my business? Would I have to stop trading / stop using sub-contractors?

Many Thanks,
Andy

JPS29

when you say you run a business, what is your status.

BR automatically disqualifies you from being a director of LTD co's

talltower

InTheBrownStuff wrote: »

when you say you run a business, what is your status.

BR automatically disqualifies you from being a director of LTD co's

I am a sole trader, not a Ltd company.

Thanks

talltower

Hi,

Is anyone able to help at all?

Thanks,
Andy

HEADACHE

Andy,you'll be ok.You're allowed to keep the tools of your trade,car etc so you can carry on.The OR knows sod all about being self employed and the hardships it can bring.
File for BR,fill in the OR questionaire,they'll make you feel like dirt but ignore it and carry on with your work.And yes,you can employ the other guys on a casual basis.Open a new co-op cashminder bank account and get everything setup first though.
Just keep working,make sure you stay positive and keep money rolling in,otherwise the stress of BR will overcome you and you'll lose self confidence and energy which aint good.

good luck

custard_cream_3

I'm in a similar position, although I was a director of my own company, but still, to all intents and purposes, self employed.

What I've done since is started to work for my wife and have her set up a small payroll. I've done this because it makes the bank account side of things much more straightfoward. We have someone that works on a casual basis too, and that's fine.

My OR was ok with the situation, although she did wonder if I was doing it this way to avoid any surplus income coming my way, but I think I convinced her that wasn't the case.

One benefit of being self-employed is they find it very hard to calculate any surplus income you have.

I don't think you should have any problems really.

talltower

Thanks for all your help guys! :beer:

Andy