Charges and Moving on

Pauper32

Hi

As a new forum individual, i was pleased with the answers to my earlier thread, (getting to understand all the technical words and abbreviations!).

I wanted to ask people, if anyone knows what the charges are for going bankrupt, sorry br.

Also where does one go from there? i.e. bank accounts, working either for someone or for yourself (i understand i couldn't be a director but could my wife and i work for her?).

Just don't know what the implications are in full.

After struggling for about 3 years i feel as though i'm going backwards rather than getting ahead.

Thanks

tigerfeet2006

Pauper32 wrote: »

Hi

As a new forum individual, i was pleased with the answers to my earlier thread, (getting to understand all the technical words and abbreviations!). Thank you

I wanted to ask people, if anyone knows what the charges are for going bankrupt, sorry br. £510

Also where does one go from there? i.e. bank accounts, working either for someone or for yourself (i understand i couldn't be a director but could my wife and i work for her?). You won't be able to have a business bank account but can get a Co-op Cashminder or Barclys Cash account. Yes, your wife could take over the directorship and you work for her.

Just don't know what the implications are in full.

After struggling for about 3 years i feel as though i'm going backwards rather than getting ahead. If you are struggling would it not be better to put the business into liquidation and go BR for any personal debt and look for a waged position?

Thanks

You really need to talk to BDL and get some professional advice from them. You may have to sit with your finger on the redial button for a while as they are busy.

nervousmother

Pauper32 wrote: »

Hi

As a new forum individual, i was pleased with the answers to my earlier thread, (getting to understand all the technical words and abbreviations!).

I wanted to ask people, if anyone knows what the charges are for going bankrupt, sorry br.

Also where does one go from there? i.e. bank accounts, working either for someone or for yourself (i understand i couldn't be a director but could my wife and i work for her?).

Just don't know what the implications are in full.

After struggling for about 3 years i feel as though i'm going backwards rather than getting ahead.

Thanks

I can give a little advice regarding the business, is it a limited company? you are not that clear, you are right in not being able to act as a company director for a limited company but can trade as a 'sole trader' as long as you trade under the name you went BR. If you have a limited company now you have to deal with it one way or another, yes you can stand down as director and have your wife act as director instead but you have to make sure you are not seen to be a 'shadow director' i presume you would be the major shareholder too and the OR would have interest especially if the company had any major assets.
To carry on trading as a none limited company is easy enough, the major problem we had was not been able to have a business bank account, we do use the co op cashminder account we just have to get clients to make the cheque payable in my husbands name rather than the business name.
My OH also had to close down his business on the day of his BR, only to open it the next day with the OR's permission. This gave us a new date for trading and for tax purposes.
If you need any further advice just send me a PM as I am working like a mad hatter lately and may miss the posts..