Business account for a bankrupt

Rohina

Hi

I am a discharged BR of nearly two years (personal debt) and have recently formed a limited company.

Does anyone know/had experiences of which bank to approach for a business account?

I have a 'cashminder' personal account with the Co-Operative bank as they were the only ones who would touch me after BR.

Any experiences in this area would be welcome!

Thanks

Rohina

Richard_S

Rohina wrote: »

Hi

I am a discharged BR of nearly two years (personal debt) and have recently formed a limited company.

Does anyone know/had experiences of which bank to approach for a business account?

I have a 'cashminder' personal account with the Co-Operative bank as they were the only ones who would touch me after BR.

Any experiences in this area would be welcome!

Thanks

Rohina

Hi Rohina,

We are not yet discharged but hoping to be shortly and want to commence trading as soon as possible after the discharge date. We intend to trade as a Ltd Co. so your post is something of a "trail blazer" on this Forum as I've never seen the question asked.

I intend to approach the banks that offer basic accounts to bankrupts but I have the feeling that it could be an uphill struggle and I'd doubt whether overdraft facilities would be forthcoming.

Do you have fellow directors / shareholders who have a clean credit file because that may make the process easier?

Would love to hear how you get on and if I come across any useful info, I'll post it on your thread.

Richard

fermi

I've seen this question on other forums, and the answer from people who have tried is along the lines of:

Good luck, but If you manage it watch out for aerial pigs

Still, as more and more people go BR then perhaps this will change, and I would love for you to prove them wrong.

Richard_S

fermi wrote: »

I've seen this question on other forums, and the answer from people who have tried is along the lines of:



Still, as more and more people go BR then perhaps this will change, and I would love for you to prove them wrong.

What's an aerial pig fermi :question:

fermi

Richard_S wrote: »

What's an aerial pig fermi :question:

Richard_S

Ty fermi,

One's a little slow this morning, I think the water in my whisky must have been adulterated

Thinking about it, I'm more than confident it can be done; just need the bl00dy discharge to come through :mad:

Rohina

Thanks, both Richard & Fermi! I hadn't heard of that one either! LOL

Yes, I share directorship, however her credit rating is not great either (although not a BR).

The business account is the first and smallest of many problems we are facing. We need to apply for funding and are looking at various options such as the small firms loan guarentee, business angels & equity investors.

Any one had any experiences of these?

fermi

Richard_S wrote: »

Thinking about it, I'm more than confident it can be done; just need the bl00dy discharge to come through :mad:

In that case I'll get the Control Tower to tell the pigs that they can start their 'pre-flight checks' and begin taxiing towards the runway.

Richard_S

Rohina wrote: »

Thanks, both Richard & Fermi! I hadn't heard of that one either! LOL

Yes, I share directorship, however her credit rating is not great either (although not a BR).

The business account is the first and smallest of many problems we are facing. We need to apply for funding and are looking at various options such as the small firms loan guarentee, business angels & equity investors.

Any one had any experiences of these?

Hi Rohina,

We've had experience of Small firms loans guarantee and equity investors. The problem with the loan guarantee mechanism is that it's administered by a bank which take you back to your original question. I suppose business angels and equity investors are very closely linked given that any person or organisation prepared to invest in your company is going to want as much influence or conrol of operations as they deem appropriate.

I think it's going to be a long hard slog for you, just as it is for us. Equity investment may well turn out to be the most appropriate solution to the problem but you'll inevitably lose a large slice of the shareholding. We are testing the water at the moment and have got a couple of investors interested but the terms are only just worth keeping it going.

If we're not careful we'll be doing all the hard work for a minor stake in the company. I'm not complaining about that, we're nowhere near doing a deal but it doesn't work for us as it stands at the moment.

This could well develop into an interesting thread because there are at least two other posters on here looking to get back into business asap.

Richard

Richard_S

fermi wrote: »

In that case I'll get the Control Tower to tell the pigs that they can start their 'pre-flight checks' and begin taxiing towards the runway.

fermi,
Those pigs will have the time of their little porky lives as we jet off effortlessly towards a bright blue, affluent horizon.

Rohina

Hi Richard

Mmm... the equity option is one to think about carefully for us. Have you any experience with Onelondon or anyone similar?