steps to go BR ? Seems too easy!

wkgsomerset

Thanks for all advice from my previous thread. Looks like we will go BR unless a miracle happens.
If we go BR this is how I see it happening. But am I right? This is the question!!
Current situation - Already in IVA but debts mounting again. We are self employed in a leased pub and live in the flat above with our 4 children. Next week we actually do have a reasonably busy week for a change, so best make use of it.
1) Pay rent and beer order to pubco on Monday so we get beer delivery on Tuesday. If we don't pay, pubco don't deliver!!
2) On Monday, phone insolvency practitioner handling IVA and request he petitions for our BR
3) During this week register on council homefinder list (housing list)
4) Trade on until we run out of stock keeping all money in a safe place.
5) Withdraw what little money is in business and private bank accounts.
6) Go bankrupt!
7) Apply for every benefit going (never done this before - what would we be entitled to?)
8) Deny pubco entry to premesis forcing them to go to court - should buy us time.
By my reckoning we have 28 days from date pubco goes to court
9) During this time keep applying for houses on the homefinder scheme and use rest of time packing up flat
10) Hopefully find home within the 28 days then hire van and move.

Item number 2 - how does an insolvency practioner petition for bankruptcy? Is it done straight away or how long does it take for him to do this?

Items 4 and 5 - the idea is to get as much cash in our pockets to live on as I guess we wont have access to money for a while

This is how I understand it but it really does sound far too easy! Suggestions, tips or an alternative plan would be very much appreciated cos I really think i don't understand this too much. Or maybe the "great unknown" is scaring me more than actually going for BR
Never thought that making my mind up could be so difficult!!!

spenderblender

Wkgsomerset I think you will find that your IP will not pay for your BR and you will have to pay to go BR yourselves. Someone with more insight should be along shortly though so hang in there and welcome.

wkgsomerset

I'm given to understand from previous enquiries to IP that they will petition but don't know about costs. Items 4 and 5 on my plan would pay for BR if we need to pay. I reckon keeping all cash in this period and emptying bank accounts will amount to £3,000 cash.

spenderblender

I am in an IVA and my paperwork states that they can file for BR but in most cases this is not done. If you have to do it yourselves it amounts to £495 per person. You can get a £150 reduction per person if you are on qualifying benefits but, this has to be proved.
Your best bet it to talk to these people and you will know for sure.

spenderblender

I should say if they petition you then it does not cost you anything. They foot the bill.

dalip

The IVA normally has to fail before they will even think abou petioning for your bc. That usually means at least 2 missed payments Check the wording on your paperwork and see if there is any indication as to what their procedure is. Can i ask who you did your IVA with please?.

wkgsomerset

IVA is with Debt Lifeboat if that helps

fiveyearplan

wkgsomerset wrote: »

I'm given to understand from previous enquiries to IP that they will petition but don't know about costs. Items 4 and 5 on my plan would pay for BR if we need to pay. I reckon keeping all cash in this period and emptying bank accounts will amount to £3,000 cash.

I would empty it (bank account) and not declare it. You will need that money especially if you have to go into rented accommodation. £1,000 will go to your BR fees anyway.

fiveyearplan

check out https://www.entitledto.com to see if you can claim any benefits.

wkgsomerset

Hi im Geoffs wife
not very good with typing so sorry.
If we do go br i so scared we will end up with no home and social srvices will take kids off me i have four of them. I do really need someone to put my mind at rest a suffer from depression which makes every thing seem worse any way
i look forward to hearing from someone

haleygrey

Im sure the children wont get taken away from you. If you go BR and lose the pub, if you cant find rented accommodation, you might get housed by the council, but I would get advice from Shelter. Sorry I wasnt much help, but the best thing to do is just ask anything on here, there is always someone who can answer and if not, they will find you the relevant link to an organisation that can.