Help! I have just found out my director is personally bankrupt!

LittleVoice

missymoo69 wrote: »

its not about dobbing anyone in, im not like that, he has now been taken off as a director because I did it on web filing yesterday (as he asked me to) no-one is a director at the moment.

All I want is paying on time I have 2 children and xmas is only 2 weeks away.
But if the Company did fold where would I stand as i have onlybeen here since August 2010, im really worried i am loking for another job I have been for months but I can only work part time and in this particular area because of my girls.

what do i do, do i leave when i get another job or stick it out? I really dont know what to do for the best

Companies House may notice this! There must be at least one director.

Is there a company secretary? There doesn't have to be one but the same person can be a sole director and company secretary.

missymoo69

there is no company secretary either! he said thismorning about organising a 2works xmas doo" i just said do you think its wise as we have no money!! unbelieveable!

bendix

missymoo69 wrote: »

there is no company secretary either! he said thismorning about organising a 2works xmas doo" i just said do you think its wise as we have no money!! unbelieveable!

You really are the dream employee, aren't you?

Again, what business is it of yours if he owes money? If you are uncomfortable with the job or worried about being paid late, do what you are doing and look for another job.

His personal finances and - frankly - the corporate structure of the company are nothing to do with you.

And if he wants to put on an xmas party for his staff, that's his concern.

You redefine the term 'busybody'

Emmzi

having been a bank manager for many years there are many shenagnigans that go on with directorships to keep businesses trading. It falls within the range of "normal" behaviour and I guarantee this guy will have done something to keep the business legit. Usually it moves to wife then son then gran..etc.

Look for another job as there is shaky financial footing for the business but !!!!!! wind your neck in, it is none of your business. Unless you WANT them to find a reason to let you go?

planning303

OP, you've said that he is 373k in debt and going bankrupt...

Obviously you don't know the in's and out's of his personal finances. He could have 50% equity in a million pound house and just need to sell to clear his debt but is struggling to find a buyer in this market.. you clearly haven't got enough information to find out.

If you are worried about job security find a new job BUT there is no guarentee that your gonna find a more secure one!

DVardysShadow

missymoo69 wrote: »

there is no company secretary either! he said thismorning about organising a 2works xmas doo" i just said do you think its wise as we have no money!! unbelieveable!

Your comments are straying away from the relevant into the impertinent. If he wants to have a works do and he has no money, that really should not be your concern.

The comment you should have made is "I would rather be paid on time than have a works do". That is your concern.

skintandscared_2

missymoo69 wrote: »

its not about dobbing anyone in, im not like that, he has now been taken off as a director because I did it on web filing yesterday (as he asked me to) no-one is a director at the moment.

All I want is paying on time I have 2 children and xmas is only 2 weeks away.
But if the Company did fold where would I stand as i have onlybeen here since August 2010, im really worried i am loking for another job I have been for months but I can only work part time and in this particular area because of my girls.

what do i do, do i leave when i get another job or stick it out? I really dont know what to do for the best

If the company folds it won't matter if you've been there 18 months or 18 years, you'll be out of a job. Nobody here (including you) has a crystal ball or knows enough about the situation to make a judgment on whether the company will sink or swim! If you are worried, look for another job and leave as soon as you can. In the meantime, can I suggest leaving the poor bloke alone and letting him get on with keeping his business running? It's no concern of yours whichever way it goes and unless you personally have shares or capital in the company it's none of your business. I'd imagine he's set to lose a lot more than you are if the business folds. You can up-sticks and move on - he can't.

Mark_h_4

I would have to agree his personal finances really arent any consern of yours.

I have worked in a company before where the directors took home a 1 million pound bonus and they still had to sell the company the following year as they had a fair few million.

Really I wouldnt relate the 2 togeather. If you can tell a company is going down the pan I'd just get out but you need to take it on the companies information and not the personal information of its staff.

missymoo69

bendix wrote: »

you really are the dream employee, aren't you?

Again, what business is it of yours if he owes money? If you are uncomfortable with the job or worried about being paid late, do what you are doing and look for another job.

His personal finances and - frankly - the corporate structure of the company are nothing to do with you.

And if he wants to put on an xmas party for his staff, that's his concern.

You redefine the term 'busybody'

hi i have known this man for nearly 7 years as i worked for him a few years ago and that went tits up too!

I am trying to save him money by not having a xmas doo!

missymoo69

I think some of you have the wrong end of the stick, i have worked for this guy a few years ago and was made redundant then he took me on with his new venture, that went tits up to and got me in 2k debt with my day nursery.

I know him and his family his son and daughter work with me poart time and they ar ejust as fed up as me and its there dad!

He spends money like water and yes it is my concern when i want paying at the end of each week and have to go without money all weekend until he can get some money in.

I only asked for advice not to get called a busy body!!!