We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Going bankrupt soon......
Chipper83
Posts: 2 Newbie
Hi,
I've been reading this forum and had advice from the business debtline. I feel a lot more comfortable now with my situation.
I ceased trading as sole director of a limited company in April 2013 due to lack of trade and getting behind with payments. Following advice from the business debt line I applied to companies house for voluntary strike off which has been suspended by a creditor. The company owes money to HMRC Vat and some small amounts to suppliers. I have got personal debt liabilities only due to me trying to keep the business afloat by paying vat bills, rent etc on credit cards and personal loans. The shop lease is also in my personal name with £26000 rent arrears and five years remaining on the lease. I have decided to personally declare myself bankrupt soon but have a few questions.
1) the ltd company accounts aren't up to date, is this a problem if I declare myself bankrupt then resign as a director from the ltd company?
2) I am currently self employed as a sole trader and haven't got my accounts up to date either, will this be a problem? They will be very simple to sort out if required by the OR.
Thanks in advance for any help you can offer me.
I've been reading this forum and had advice from the business debtline. I feel a lot more comfortable now with my situation.
I ceased trading as sole director of a limited company in April 2013 due to lack of trade and getting behind with payments. Following advice from the business debt line I applied to companies house for voluntary strike off which has been suspended by a creditor. The company owes money to HMRC Vat and some small amounts to suppliers. I have got personal debt liabilities only due to me trying to keep the business afloat by paying vat bills, rent etc on credit cards and personal loans. The shop lease is also in my personal name with £26000 rent arrears and five years remaining on the lease. I have decided to personally declare myself bankrupt soon but have a few questions.
1) the ltd company accounts aren't up to date, is this a problem if I declare myself bankrupt then resign as a director from the ltd company?
2) I am currently self employed as a sole trader and haven't got my accounts up to date either, will this be a problem? They will be very simple to sort out if required by the OR.
Thanks in advance for any help you can offer me.
0
Comments
-
Anybody? Really would appreciate some support.0
-
Hi - I'm no expert in this but some general principles are the same:
The OR will want as much detail about your finances as possible - if you can get your accounts up to date I would think it is a sensible thing to do. The OR will want your banks statements etc but if you haven't got them - they can go straight to the bank to for them - however, I think its always best to be as helpful and cooperative as possible in BR.
Good luck0 -
-
You should contact the Business Debt Line.
I have found them very useful, they have business expertise0 -
i agree, go back to Business Debtline. They are the experts and usually pretty friendly
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards