trustee requests

Fuzzy16

Hubby declared bankrupt in march after small business failed. Now trustee has said that he is still acting as a director of his failed company, we are sure that this was sorted by his accountant. Also trustee has asked to be forwarded a copy of the valuation that we had on house.

1) Does hubby send a letter to companies house saying he is no longer a director of his Ltd company, or ring his accountant on Monday asking him for advice?

2)House has been valued at £119,000 we owe £89,000 on it and hub's company debts are around £40,000. i am hoping that we will not be forced to sell the house as we can probably come up with £10,000 to save it. So once we send the trustee copy of valuation how long will it be til thye start proceedings against house?

Thanks

kation

1. If the company in question was "Limited" company (as you indicate) then he should have resigned as soon as he was made bankrupt and should not be acting as Director or Shadow Director. Unless there are other Directors or someone prepared to act as a Director (i.e. yourself) this will leave the company rudderless and is quite awkward to deal with.
Any shares in the company will vest in the OR, and he's unlikely to be interested in these unless the company has some realizable value.

2. Others will advise I'm sure, but roughly speaking you have £30k of equity in the house and if it's owned jointly then your husband's half (£15k) will belong to the OR now.
It's more than likely you will be able to buy his BI (beneficial interest) from the OR - what you may pay is another matter, and how the mortgage company view will be (again) another matter.

The form to resign as Director is called (or used to be called) a "288b" and can be printed out from Companies House website.

I would be careful about how you view this £10k you can raise (you use the words 'we') - is any of this money his/his companies? You will need to start thinking about money as his/hers not 'we' also.

Fuzzy16

Hubby was a sole trader of his Ltd company, he was a one man band with a van. he owed money for stock and money to bank. and will be speaking to his accountant on monday as this should have been left to him to sort with regard to dissolving the company.

When i say "we" i mean him, although its his bankruptcy case i have to be supportive.
His dad has offered him some money when the time comes, it is not money he has fraudulently taken from his business. I am hoping that the money his dad gives him will satisfy the OR a no more money can be raised,there are no wealthy relatives or friends.

How long before the OR asks us for money to save house, can anybody say?

Confused:(

kation

It sounds like you will need the advice of an accountant as there is a definite difference between a Limited company and being a sole-trader, you are basically one or the other - he/you will need to fully appreciate the difference.

If he carried on his business as a sole-trader (i.e. John Doe t/a [trading as] "John Doe Enterprises") then he will most likely be responsible for all his debts to the bank and creditors.

If on the other-hand he was John Doe, Director of "John Doe Enterprises Ltd" AND he raised his invoices, bought stock and banked as "John Doe Enterprises Ltd", then he will more than likely not be liable for the companies debt UNLESS he signed a PG [PG=personal guarantee] for the bank, suppliers, etc...

As far as buying the BI in the property, this is not something that will happen overnight (probably over two-three years) and others can advise on the nuances of this. It's worth getting more detailed advice from this forum, free debt counselors, etc...