Directorship and bankruptcy

debtinfo

no, the shares remain with the OR indefinitly until the OR decides to do something with them

bacil_uk

debtinfo wrote: »

btw just to add that if you try and get round the rules, remember it is a criminal offence not a civil matter as this person recently found out....

As i said i dont intend to breach any law ... i just want to find out ... and asking questions so if someone else comes to this forum and searches for it they can find answers as comprehensive answers as possible. I stated in my first post i know about the law and will oblige...

bacil_uk

debtinfo wrote: »

no, the shares remain with the OR indefinitly until the OR decides to do something with them

Wierd ... thats contradicting what i heard and read on this subject ... by the time of discharge or in some case my time of 36th payment to IPA/O you are released. and any asset not used to satisfy your debts during bankruptcy are released back to you. Otherwise what would be the point of BR ?

bacil_uk

So_Sad_Angel wrote: »

Not sure if this helps at all....but for information purposes....

Thanks,

basically company secretary can be considered both (allowed/disallowed) depending on judge because by law it is not management of company but by practice it is ...

ani_26

Excuse me for interupting, but i'm just finding this thread so entertaining. OP there is a lesson to be learned from bankruptcy, and you would be wise to absorb this. I don't mean this in a nasty way.

Nohope

debtinfo

where did you read that, what you are getting mixed up with is that they dont take any new assets you aquire after discharge but they can keep hold of the assets you have when you are made bankrupt

debtinfo

I think it is quite clear
"if the person acting as the company secretary has a disqualification as a director ..... through bankruptcy then it will prevent an individual acting as a company secretary unless a court specifically allows this"

As with the director you cant act automatically until you gain the approval of the court which is unlikely

bacil_uk

debtinfo wrote: »

where did you read that, what you are getting mixed up with is that they dont take any new assets you aquire after discharge but they can keep hold of the assets you have when you are made bankrupt

OK example .... You have house valued for 100k your debts are 95k u use house to satisfy the debts using BR (i know this is unlikely scenario) hence after satisfying all dents OR is left with 5k on discharge they will be returned to you right ?


now shares .... i have shares now worth 200 that for argument's sake equal to 50 % of company in the time on discharge i become director back and 5 yrs down the line company will profit form patent etc .... and that 50 % becomes say 2k you are telling me that the OR can draw on it and take 50 % of company away ?

bacil_uk

debtinfo wrote: »

I think it is quite clear
"if the person acting as the company secretary has a disqualification as a director ..... through bankruptcy then it will prevent an individual acting as a company secretary unless a court specifically allows this"

As with the director you cant act automatically until you gain the approval of the court which is unlikely

I am fine with that vis my previous posts :-)

debtinfo

scenario one, yes that is right if all the debts and bankruptcy fees are paid from the asset you will get the rest back

Try this example. Say your debts are £100,000 and your shares are only with a few pounds now. The OR could in theory keep the shares for say 10 years until the shares are worth £100,000 and cash them in the to pay all the debts.

The OR may choose to sell them sooner, they will do what they think is best to get the best return