What will affect my new business

buildorbust

Hi
I am thinking of going BR very shortly as I have nearly 100k of personal and business debt,
Will I be able to carry on as a builder and trade as normal I know accounts with merchants will be affected, but what about iva's after the BR and how will my income be determined?

Is my wife's income taken into account?

I'm so scared of whats about to happen and so sad to let suppliers down that have been good over the years.

What would happen if I didn't include a supplier on my list of debtors?
If I order materials now on an account am I breaking the law, as I'm planning BR?



Sorry for all the questions btw:(

maxmycardagain

am thinking of going BR very shortly as I have nearly 100k of personal and business debt,

Is it solely all in YOUR own name?
Are you a Sole trader?
Do you own or have equity in a property?

Will I be able to carry on as a builder and trade as normal I know accounts with merchants will be affected, but what about iva's after the BR and how will my income be determined?

You can carry on, but wont be able to have credit over a certain amount (about £250) (or was)

Is my wife's income taken into account?

Only if you have joint debts and she goes BR too, any joint debts become her responsibility in their entirety unless she gos BR too

I'm so scared of whats about to happen and so sad to let suppliers down that have been good over the years.

Try to be good to them.....

What would happen if I didn't include a supplier on my list of debtors?

The debt (most debts) are included even if not noted down, pay one after BR and the appointed insolvers could get stroppy

If I order materials now on an account am I breaking the law, as I'm planning BR?

It wouldnt do your post-BR supply situation much good....

buildorbust

I am a sole tader all the debt is in my name.
Our house is currently worth about 290-300k jointly owned 220k on mortgage.
my accountant advise was that I would probably not loose the house?

buildorbust

whats a post BR supply?
what happens to any work I have ongoing ?
should I just shut down or carry on? but to carry on I need materials..

maxmycardagain

buildorbust wrote: »

I am a sole tader all the debt is in my name.
Our house is currently worth about 290-300k jointly owned 220k on mortgage.
my accountant advise was that I would probably not loose the house?

quite right, if your wife has no debts and owns half the house/equity she probably cant be forced to sell, but your half (£35K) would look tempting, they could try other avenues, like selling it to your wife for a lot less

maxmycardagain

buildorbust wrote: »

whats a post BR supply?
what happens to any work I have ongoing ?
should I just shut down or carry on? but to carry on I need materials..

I meant supply of materials after going BR (bankrupt)
Any outstanding work payable should remain yours to finish and collect
Its your decision what to do, but any suppliers who lose out now wont supply you after

skintandfat

If you are running your business I would point out that if your wholesalers are upto date - if they are now owed anything you don't need to include them in the BR

If there is more than 4k equity they are likeley to force a sale to expect a payment, or your other half would be expected to pay the shortfall (50% of).

Mouse1812

buildorbust wrote: »

Our house is currently worth about 290-300k jointly owned 220k on mortgage.

my accountant advise was that I would probably not loose the house?

Get a new accountant FAST

With £80k of equity you have a problem and they can force a sale