Are they the same or different

mikey_bach

Is there a difference on going bankrupt eg you own a company and it ceases trading or if you declare yourself bankrupt because of personel debt.
Does one inpact more later on after the discharge

Mouse1812

If your company is a "Limited" company (registered at Companies House) then they are different.

A Limited company is a separate "person" at law - the company is not the same person as you. However if you are a sole trader then you and your company are the one and the same person - you.

If your Limited company goes bust it does not always follow that you do. If you go bust, then the Limited company will be an asset which is taken off you. If you go bust as a sole trader then your “company” goes bust with you.

tigerfeet2006

Hi and Welcome to the Bankruptcy (BR) Board.

The first step is to make a list of all your creditors, debts and assets. Secondly and most important is contact one of the following debt charities. Please try these they don't charge and are impartial. They will go through all your options with you and if they suggest bankruptcy then come back to this board and we will help you all we can. Also if you are not ‘clicking’ with one of the Debt charities do try another. We advise you to try at least two for your own piece of mind. Your BR could be refused if you have not sought advice.

* Blue text on this forum usually signifies hyperlinks, click on the blue links below *


Main recommended sources of help:

• National Debtline - Website: National Debtline Telephone: 0808 808 4000
• Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
• Consumer Credit Counselling Service - Website: CCCS Telephone: 0800 138 1111

Others:

• Business Debtline
  - Website: Business Debtline Telephone: 0800 197 6026
• Christians Against Poverty
• PayPlan
• TaxAid - Help with tax debts.

You should probably get in touch with Business Debtline as your first port of call. Please don’t do anything rash make sure you take your time and weigh up your options and read everything you can.

For ‘essential’ BR info this is Fermi’s sticky.

BR friendly home insurance thread.

BR Friendly bank accounts sticky.

BR Abbreviations.

We often ask you to post your SOA so we can see if you have included what you need to:-
MSE SOA Calculator - Click here Select the MSE format at the end. Copy and paste onto your thread.


If you are new/old to this board and receive/see a comment that is not helpful or insensitive please don’t let it put you off posting, often these comments are made by people who don’t normally contribute to this board and don’t speak for us.

What to do if you get an insensitive or hurtful comment.


And do remember we’ve all been through this and anything you don’t understand don’t be afraid to ask.

Best wishes TFx

mikey_bach

thanks for the replies, the bankruptcy was 1993, was a company not a limited one, I was just wondering what impact it would have if any today, eg application for a mortgage,...
Its not me though

tigerfeet2006

So a sole trader and a personal BR then? Very little impact indeed now as it was 17 years ago.

Though if a person has gone through personal BR and is asked at any time on forms have you ever been BR you have to answer yes.