Prepare for banrupcy

campbellb

I have been running a struggling business for a couple of years, I am not in a finacial position to get out of the business. Following an accident last year this has been more of a problem. I have a mortgaged house with a small equity as i have used most of it to keep buisness going. i am at the stage that a few outside problems may see things getting worse.
i know this is not ethical but am wondering if can sell house and put any money left into a friends name can that be withheld from any bankrupcy in the future.
Obvioulsy need to trust this friend, but even a joint bank account would be traced back to me

Alan_M_2

Not a chance, it would be retrospectively taken into account as you were obviously trying to hide the money, technically fraud.

Is it a Ltd company or are you a sole trader?

campbellb

Sole trader. Any suggestions to what i can do or do i just have to keep trying and be prepared to lose house or house funds if all fails

rog2

After you have been declared bankrupt, you will, normally, be given the option of either you, a family member, or a trusted friend purchasing your beneficial interest in the matrimonial home. That is the time to get your friend involved.