Husband declaring bankruptcy

mhbtown

I noticed the post above and wondered whether anyone could offer an insight into the problems associated with going bankrupt/IVA when you work for your partner's company.
Basically, my situation is this; my wife is going to apply to go BR. She works for a Ltd Co that is 100% owned by me. It is a new company and the only revenue it generates is through work invoiced as a result of my wife working for a home-work telephone customer support company (the customer support co is invoiced by my co). I do not draw a salary from the Ltd Co at the moment as the business I am starting is not yet generating sufficient revenue.
We do not own a home.
So 2 questions - is my wife technically (for the sake of the BR application) 'self-employed' or employed by my Ltd Co?
Is there anything else my wife needs to be careful about when explaining this situation to the OR?

And sorry to move away a little from the original poster's thread - I hope you get to keep your horses.

Thanks
MH

2010nodebt

I am self employed , and live in a property owned by my wife , I have massive debts I cannot pay, I also have a BTL property now in neg equity, It has a 80k mortgage with 5k in arrears.
I AM JUST UP FRONT WITH MY CREDITORS.

Simply say " I have insufficient income at present to pay anything, you can take legal action , make me bankrupt and come round my house and batter me, but none of this will get your money, when my income improves ,I will forward a payment proposal"

I owe banks, private people, and the revenue. No one has disagreed with this statement ,no one has taken action , I have not made any debt patments in a year now. I get the odd letter , which I bin, what are they going to do to me? nothing , because they will throw good money after bad.

lilibet1

2010nodebt

Are you planning on going BR or not? Or are you just going to sit it out? What if your situation doesnt improve, what would you do then?? Just wondering, yours is an interesting post.

Lili x

2010nodebt

I am self employed ,so at times I have the potential for high earnings , I carry out fire and flood restoration ,as well as carpet cleaning.

Things will eventually improve at some point in my life , even if it is 3-5 years time, then my creditors will be offered a settlement , and get something . They all curently seem to get this. Obviously if I do not settle , then I will consider BR, or an IVA.

My debts were not recklessly accrued , I just built them up over time.

jonathon01

mhbtown wrote: »

I noticed the post above and wondered whether anyone could offer an insight into the problems associated with going bankrupt/IVA when you work for your partner's company.
Basically, my situation is this; my wife is going to apply to go BR. She works for a Ltd Co that is 100% owned by me. It is a new company and the only revenue it generates is through work invoiced as a result of my wife working for a home-work telephone customer support company (the customer support co is invoiced by my co). I do not draw a salary from the Ltd Co at the moment as the business I am starting is not yet generating sufficient revenue.
We do not own a home.
So 2 questions - is my wife technically (for the sake of the BR application) 'self-employed' or employed by my Ltd Co?
Is there anything else my wife needs to be careful about when explaining this situation to the OR?

And sorry to move away a little from the original poster's thread - I hope you get to keep your horses.

Thanks
MH

MH,

It doesn't matter that your wife is married to the director of the limited company for which she works. She is an employee of the company. She could only be considered as self-employed if she invoiced the limited company for her services, rather than earning a PAYE salary.