Iam Self employed and run my own business ??

mattyg100

Iam self employed and work as a sole trader in my business when i go bankrupt will anything happen to my business ??

I do not owe any business debts and do not have any assets only my tools etc for my job.

Thanks

nervousmother

You will probably be told to close down the business on the day of your BR but to start trading again the next day..
It is not always the case but sometimes the OR or Trustee will ask for any money that your clients owe you up until the time of BR. any tax owed by the business up until the day of BR will be included in your bankruptcy.
The main problem you will have is finding a business bank account, we run our business funds through a co op account just have to get clients to make cheques payable to OH instead of the business name.

The or will only let you carry on trading as long as the business is not running up debts and is supplying you with a wage. Any expensive assets may be taken. They showed interest in our desks and pc's as well as the client list but after a argument they let go.

merlin1

yes as nervousmother has said - they will close your business, but you should be able to trade the following day - what you arent allowed to do is trade under a different name.

as for the bank account thing i was lucky - barclays agreed to let me keep my business account, transparency and being up front and honest goes a long way!

you sound like a v small business - sole trader? if so then i was in the same position and at the end of the day your receiver will be keen for you to keep earning, he wont want to close you down. at the end of the day you could get a major contract that would cover your debts, by closing you down it means he has less chance of recouping anything for your creditors, jsa isnt good enough iykwim.

as a small business sole trader myself, i claimed personal bankruptcy. thats the difference

mattyg100

Thanks for the reply