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What is the difference between
Miss_Poohs
Posts: 630 Forumite
bankruptcy and insolvency in terms of a LTD company, in Scotland?
I'm confused about what I've heard regarding this and was hoping you might be able to explain it to me.
Thank you :cool:
I'm confused about what I've heard regarding this and was hoping you might be able to explain it to me.
Thank you :cool:
Don't try to keep up with the Joneses - Drag them down to your level - it's cheaper . 
0
Comments
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No idea about Scotland, but with regards to a Ltd Company, it basically takes away the individuals responsibilty for the debt of the company.
An Insolvancy Practionier maybe required to wind-up the company and deal with the assets & creditors, but unlike a Sole Trader , the debts are not the resonsibilty of the owner/employees.
Strongly recommend speaking to the Scottish arm of Business Debtline for clarification though. Also check out their website as they have ooddles of helpful info.
Another website for good info is:
http://www.insolvencyhelpline.co.uk/DMP Mutual Support Thread Member : 3180
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