Setting up a company whilst in arrears?

tomasprilla

Hi all,

I had a bit of a rough spell when my last company failed & in the year after I was living off of credit cards without worrying about the repercussions that would follow.

I have since been in a repayment plan as I want to pay back my debts rather than writing them off.

I have picked myself up & have the makings of what I think could be a very successful business. However, I wanted to check if there was any potential pitfalls with setting up a business whilst still in arrears? I can't think of anything off the top of my head, but wanted to check with people who know what they're talking about!

I have the option to open everything in my mother's name, but this seems like it could be a lot of hassle now & in the future.

If I set up shop in my name I believe I can use a CashPlus account so shouldn't have any problems in that area.

Any advice would be much appreciated :beer:

paddyrg

Are we talking limited company or sole trader? How do you have repayments for company debts? If it was as a sole trader you're hosed and rightly so. If as a ltd company you can be a director again unless ruled otherwise. In neither case should it involve your mum in your business.