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Bankruptcy and self employment.
HelpMeImDrowning
Posts: 2 Newbie
I am self employed and will need to file for bankruptcy, but wish to carry on trading.
I do not have a personal account. I have a business account as a sole trader and a joint account (Coop Cash Minder) with my wife.
I need to know what will happen to my accounts when they are frozen, how I can get paid by my clients - currently I have a mixture of cheque and BACS.
Will my business and joint account be frozen? Is there another way to trade?
I was considering setting up a limited liability partnership. Would I still be allowed to trade through the partnership with a partnership account?
Last question - If somebody else makes me bankrupt, would my account get frozen before I know about it?
I do not have a personal account. I have a business account as a sole trader and a joint account (Coop Cash Minder) with my wife.
I need to know what will happen to my accounts when they are frozen, how I can get paid by my clients - currently I have a mixture of cheque and BACS.
Will my business and joint account be frozen? Is there another way to trade?
I was considering setting up a limited liability partnership. Would I still be allowed to trade through the partnership with a partnership account?
Last question - If somebody else makes me bankrupt, would my account get frozen before I know about it?
0
Comments
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What sort of trading do you doHi, 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 -
I'm a web designer, I bring in only about £1,500 per month.0
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do you have any site registrations yourselfHi, 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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