Can a bankrupt own a limited company?

jxm1234

Hello there, can anyone help with my question?
As an undischarged bankrupt can I own shares of a limited company?
Lets say I own 55% of the shares without being managing director or having any involvement in a management of the company or its finances.
Is this possible?

debtinfo

yes it is, but remember that any shares you have at the date of the bankruptcy will become assets in the bankruptcy, as would shares if valuable that were given to you during bankruptcy.

jxm1234

debtinfo wrote: »

yes it is, but remember that any shares you have at the date of the bankruptcy will become assets in the bankruptcy, as would shares if valuable that were given to you during bankruptcy.

I have been declared bankrupt in April and not discharged yet. Would this still be the case that my shares belong to OR?
Can then set up the company (which we will start from scratch and not make much money in the first year anyway) in which my business partners would be directors but majority shares belong to me? And when discharged I take over as MD? Would there be any legal issue with this?

debtinfo

As long as you trully have no imput into the setting up and running of the company then that would be ok, technically you would still need to declare the shares to the OR. Why would you just not be involved at all and then let them give you shares later after you are discharged, why would you need shares now