Some Advice on Going Bankrupt in Scotland

Bollotti

Just an update on my situation.

I had a meeting with the CAB and a Insolvency Practitioner last week and have decided to apply for Sequestration. I have just submitted my latest tax returns and they show only a very small profit for last year, so have decided to get in first, rather than await the inevitable.

At least I know who I will be dealing with for the administration of the sequestration, rather than some large organisation such as KPMG.

The AIB will allow me to keep running the business, and as there is no equity in the house, we can continue to live here until it sells (as long as we pay the mortgage of course).

The only issue is the business bank account and whether my current bankers will allow this to stay open. Has anyone any experience of this?

The cherry on the pie was a letter from HMRC "fining" me and my wife £600.00 each for late payment on the current tax bill.