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Business Liquidation, Personal Bankruptcy and Starting as sole trader
Gr00vebird
Posts: 6 Forumite
Hi, firstly thanks for reading my post
I had a business which after many years turned bad and was liquidated
As a result of many of the debts being tied to my name a few months afterwards I went personally bankrupt.
The official receiver looking at my personal bankruptcy case is likely to find that we've breeched some rules in the 2 years up to bankruptcy in terms of responsible spending and use of credit, accounting for lost money, and failure to provide services that were paid for. I can see it heading towards further bankruptcy restrictions lasting beyond the 12 months allocated officially for a bankruptcy.
Despite the mess I still want to work, within the same industry, however doing a different type of role (significantly different so as not to simply re-invent the same business yet under a different name)
What i'd like to know is if i can start off as a sole trader, operate the business under whatever different brand i choose and earn money like that. For me it looks fine as long as its a different business market.
Can i have a separate bank account (with no credit) setup under "the brand name" so it looks professional still.
Would clients of this business pay "the brand name" or "my personal name"
ANY other comments, thoughts, advice or tips in this direction would be very gratefully received, however long or short they may be!
thanks again
I had a business which after many years turned bad and was liquidated
As a result of many of the debts being tied to my name a few months afterwards I went personally bankrupt.
The official receiver looking at my personal bankruptcy case is likely to find that we've breeched some rules in the 2 years up to bankruptcy in terms of responsible spending and use of credit, accounting for lost money, and failure to provide services that were paid for. I can see it heading towards further bankruptcy restrictions lasting beyond the 12 months allocated officially for a bankruptcy.
Despite the mess I still want to work, within the same industry, however doing a different type of role (significantly different so as not to simply re-invent the same business yet under a different name)
What i'd like to know is if i can start off as a sole trader, operate the business under whatever different brand i choose and earn money like that. For me it looks fine as long as its a different business market.
Can i have a separate bank account (with no credit) setup under "the brand name" so it looks professional still.
Would clients of this business pay "the brand name" or "my personal name"
ANY other comments, thoughts, advice or tips in this direction would be very gratefully received, however long or short they may be!
thanks again
0
Comments
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It's important to remember that whilst bankruptcy restrictions do not prevent you setting up as a sole trader, if you trade in a different name than that in which you were declared bankrupt you are required to inform all those who you do business with of the name in which you were declared bankrupt.0
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Hi Groovebird
I recommend contacting my colleagues at Business Debtline for some specialist advice on your situation.
www.businessdebtline.org
James
@natdebtlineWe work as money advisers for National Debtline and have specific permission from MSE to post to try to help those in debt. Read more information on National Debtline in MSE's Debt Problems: What to do and where to get help guide. If you find you're struggling with debt and need further help try our online advice tool My Money Steps0
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