Being sued when applying for bankruptcy?

Sixfoot8

Hi guys, I need some friendly advice.

I'm looking at going B/R fairly shortly. It actually needs to happen sooner rather than later but that's besides the point. I run a small business and unfortunately due to circumstances out of my control I have been threatened by two of my customers. I am doing everything in my power to deal with both situations amicably but if I have no choice but to become insolvant/bankrupt but where do I stand?

Thanks for any help.

Edit: By the way I'm a sole trader, I owe £80k in personal and business debt and I've run out of ways to pay it back

whoopsydaisy

I am in a similar position (though luckily my customers are not threatening me!) I was advised to phone Business Debtline on 0800 197 6062. They were very good. I have phoned them 2 or 3 times now and everytime they have given useful (calm!) advice. I am going Bankrupt next week, but they have been totally non judgemental and helped me to keep the important people happy. Good luck.

fermi

whoopsydaisy wrote: »

I am in a similar position (though luckily my customers are not threatening me!) I was advised to phone Business Debtline on 0800 197 6062. They were very good. I have phoned them 2 or 3 times now and everytime they have given useful (calm!) advice. I am going Bankrupt next week, but they have been totally non judgemental and helped me to keep the important people happy. Good luck.

I was just looking for the link to BDL https://www.bdl.org.uk

Without knowing more details about the why/how of the threats you are facing Sixfoot8 it's hard to give much more meaningful advice.

Sixfoot8

Thanks for the reply.

The bottom line is I am in the middle of trying to finish two projects, and I have had a contractor walk out. The parts required may not be finished to a satisfactory level, if at all. Both customers realise this, and I'm not sure what will happen as a result. Both orders are custom built to their specification and are approximately 90% complete. One customer will receive something in the next two weeks, and the other customer may or may not. I have one contractor left helping me out, and he knows the full extent of the problems I face, but we appear to be fighting a losing battle.

I have my meeting lined up next week with the debt agency who will advise me the best course of action, but I am going to suggest B/R as the only feasible way out. My business is not making money - I haven't been able to draw a salary in 3 months.

If you need any other info just shout!

tigerfeet2006

Hi, sorry to hear about your difficulties. Can I ask which Debt Agency it is you are talking to. Is it the BDL or one of the agencies mentioned in Fermi's signiture?

Sixfoot8

tigerfeet2006 wrote: »

Hi, sorry to hear about your difficulties. Can I ask which Debt Agency it is you are talking to. Is it the BDL or one of the agencies mentioned in Fermi's signiture?

That's a good question! To be honest I don't know what their company is called. I know that sounds terrible. A reliable friend passed their information over to me via mobile phone, having dealt with them herself. I think she works along side them actually, and recommends them. They are based in Glasgow. So far they have been nothing but professional, and have arranged a home visit with me and my wife next week.

tigerfeet2006

OK no problem but are you paying for their advice? I would also contact BDL as well just as a second opinion. It can't hurt!

Sixfoot8

tigerfeet2006 wrote: »

OK no problem but are you paying for their advice? I would also contact BDL as well just as a second opinion. It can't hurt!

No not paying for the advice, I checked the other day

fiveyearplan

Fermi - thanks for the BDL link, I've just looked at it and will look in more detail tomorrow.

Sixfoot8

yep thanks to all for the support we appreciate it! :T

paul_62

not too sure if this helps 6'8"
i went away on holiday came back to 2 letters 1 saying i was being taken to court and the other saying cos i didn't turn up i lost plus picked up the charges.
a couple of weeks later i became BR and used this as one of the reasons never heard nothing else in the last few months