bankruptcy and business

london1973

Hi, I have posted on a few issues around my impending bankruptcy, I'm new to this game (forums) and it seems to make sense to post different issues under different threads, despite all relating to the same problem, if that makes sense, anyway please can someone let me know if this is not 'the done thing'-and thanks also for all the advice I have had so far, it is phenomenal


Having taken a couple of years out to address certain personal problems I am now getting back on my feet and setting up a new business, something I have done before with success. I have been working with a new partner on a concept for the past 6 months and we are now ready to go - I am very excited by it, and more importantly, really need it, its the best opportunity I have had for some time and I doubt another like it will come around any time soon-
we are setting up the company etc and, the plan is, for us to both to be directors and 50/50 shareholders-my problem is that it is highly likely I will be declared bankrupt by HMRC in the near future, best guess around 3-4 months, I haven't had any letters threatening the B-word but these are imminent, the debt is excessive, I can't pay (they know that) etc - see previous threads
I don't want to spook my new business partner by landing this on him at a delicate time and would like the relationship and business to develop further before I tell him anything, however there are clearly problems around the directorship and shares-the latter I presume these can go in other names (or can they?) and, they are technically worthless anyway-with the directorship am I advised to be appointed now and then step down at the right time, or is this going to be problematic with the OR afterwards? further how might I operate after bankruptcy vis-a-vis my relationship with the business, I understand I can't act like a director etc-I'm sure we will be able to shape this accordingly, and I can consult on various matters, but I am not entirely sure where the boundaries lie and what I can and can't do


As always any guidance or pointers hugely appreciated, my dilemma is I am an entrepreneur by trade, therefore pretty unemployable (and probably useless) in the conventional sense and my only really opportunities are setting up businesses with long-term growth potential, unfortunately I have this massive hurdle on the horizon which I need to jump in the best possible way to allow me to come out the other side with something worthwhile

tigerfeet2006

Sorry haven't got time to reply in any depth atm but can I suggest ringing Business Debtline and having a chat with them about your HMRC problem and the new business.

Hopefully someone will be along soon who can answer some questions for you to.

National_Debtline

Hi again

london1973 wrote: »

Hi, I have posted on a few issues around my impending bankruptcy, I'm new to this game (forums) and it seems to make sense to post different issues under different threads, despite all relating to the same problem, if that makes sense, anyway please can someone let me know if this is not 'the done thing'-and thanks also for all the advice I have had so far, it is phenomenal

I can't speak for other posters, and there is no hard and fast "rule" or convention, but personally I do find it easier if a poster's queries all fall within one single thread. Context is often needed to answer specific questions you may have, and it is a lot easier to be able to scroll back up through the thread to find this context than to have to jump between lots of different threads to get the full picture. Hope that helps.

On your question about involvement with any potential business ventures and the effect of bankruptcy on this, I would second tigerfeet2006's suggestion that you speak with my colleagues at Business Debtline. You should be able to run some hypothetical scenarios by them and get advice on whether these are likely to comply with the restrictions imposed by a bankruptcy order.


www.businessdebtline.org


Dennis
@natdebtline

london1973

thanks for both replies, and I will certainly call the national debtline tomorrow, anyone out there with any additional advice and guidance, perhaps from personal experience, would be welcome to chip in!

philnicandevan

Business Debtline!

https://www.businessdebtline.org/EW/Pages/default.aspx?gclid=CJ7Qq-XuscwCFY9uGwodu3wA1w

Lioness_Twinkletoes

It is disingenuous in the extreme to not let your potential new business partner know about your huge financial problems and your pending bankruptcy - especially as you've admitted your accounting was 'colourful'.

I think he needs all the information before committing any more time or money to a business relationship with you.

london1973

thanks for response, and of course, with the information you have you are completely correct-
noted