HMRC Bankrupcy

wherestheend

Hi I don't think HMRC would be the majority creditor I think this would be the HSBC as they where our business bank and we had personally guaranteed the business overdraft. The total we owe is about 180K nearly all personal guarantees from our old company, company cars, loans and credit cards. HSBC is about 50k Joint, HMRC is 19k for me and 9k for my wife. With assets it is difficult our home that has been repo as we could not keep up the mortgage payments it was worth in today's market about 290k and we owe with areas about 265k, we have a rental property that is not let at the moment that we owe about 110k and is worth the same. Our property in Spain we owe about 130k but who knows what it is worth at the moment, if they tried for a quick sale and it is almost impossible to sell in Spain they would be lucky to get that even though we paid 180k 5 years ago. We are trying to keep the property in Spain to move to once the bankruptcy goes through so we have kept the mortgage payments up to date on that one. We both work in IT now so we can keep our UK jobs and work from Spain. Given the above do you think we should declare bankruptcy ourselves or just let the HMRC do it as they would probably be a creditors meeting and it would be taken out of our hands. Thanks

fiveyearplan

I may be wrong here but if you say the home in Spain is your main home and if that is the address you put on your forms, I think you would have to declare BR at the RCJ in London. I think you should seek professional advice.

wherestheend

Hi we live and work in the UK and have done all our lives but as soon as the bankruptcy goes through we would move to Spain to live in our Spanish home it is only a 2 bed apartment. We have nothing left in the UK apart from our rental property but we do know that would go. We are renting here at the moment short term till everything is done. We have never rented our Spanish property so we were hoping to declare that as our main home and try to buy the BI if any.

wherestheend

If we declare bankruptcy before the HMRC and there is more than 10K in assets would there be a creditors meeting and the company we owe the most to get control to choose OR regardless. Just don't want to waste more money declaring bankruptcy if it is going to get taken out of our hands anyway.