Bankcrupt Personal. Effect on sole trader business

360

[FONT=&quot]Hi Guys/Gals,

hope someone can help me here. I have been through DMP and IVA the Iva failed after 3 1/2 years after losing my job. From that point i decided my only option is bankruptcy which now the time has come around.

Within the time of creditors contacting me after my Iva failed was about 1 year within that time i have managed to run a business that pays me about £700 a month and covers the cost on my premises (The business has no dept)

My question is when i go bankrupt in the next week or so what will happen to my sole trader business account?

Will i be able to still run my business from the premises i am at?

Any help will be appreciated
Cheers
Paul
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360

Any Help?....................

deedee_3

Yes you will be able to run your sole trader business as normal.

The bank will freeze your account I am afraid. The banks tend not to offer business bank accounts to bankrupts. You can have a Co-op Cashminder and they tend to turn a blind eye to using it as a business account as long as too much doesn't go through it.

lucy7509

HI

My advise to you would be to contact your bank and find out if they are willing to keep the account open.

You never know, if you have no overdraft or c/c it is really nothing more than a cash account. Hope this helps

Lucy7509