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Business and Bankruptcy
tryinghardtosurvive
Posts: 24 Forumite
Have started the process as preparing to go Bankrupt in October have sold my shareholding in the companies after completing accounts and getting a fair valuation for them - going to put this money into a seperate account so as to be able to hand over the money to the OR thus keeping everything above board.
It has come to light which with everthing going on completely slipped my mind that I signed a PG for the company overdraft facility which is used to the tune of £5k.
The Director that purchased the shareholding is prepared to sign a new PG taking over mine but concerned having read that banks are reluctant to release people from them, has anybody come across this as I do not want my bankruptcy to affect the ongoing business which as of midday today I have no involvement in.
Thanks for any advice
It has come to light which with everthing going on completely slipped my mind that I signed a PG for the company overdraft facility which is used to the tune of £5k.
The Director that purchased the shareholding is prepared to sign a new PG taking over mine but concerned having read that banks are reluctant to release people from them, has anybody come across this as I do not want my bankruptcy to affect the ongoing business which as of midday today I have no involvement in.
Thanks for any advice
0
Comments
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im sure if you tell the bank that you are going bankrupt, they would beg you to transfer the PG, as otherwuse it will be worthless to themHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0
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