Getting rid of business documents

elljay

My business failed a few years ago and I filed for bankruptcy, I was discharged around 18 months ago with an IPA (one more year to go thank goodness). My business failure broke my heart and killed my own dreams as well as those of the people who worked with me (who now seem to have moved on and forgotten all about it thankfully!). The papers - incl invoices, bank statements and all the usual stuff related to the business - are still taking up a huge amount of space in my spare bedroom.

Given that the OR now has no interest and a line was drawn under it all back then, can I now have a big bonfire and get rid of that period of my life or should certain things be kept 'just in case'. The OR really wasn't very interested in it all anyway, though I had it all ready to present to her. Since then nobody at all has asked for anything.

Really hope I can get rid, even after all this time I still can't help beating myself up about the mistakes I made and it will really help me to move forward! Thanks EJ

SailorSam

I've been throwing loads of old paperwork away recently. I cut off anything with my name or reference number then shreaded it, that went into the compost bin. Anything that didn't have any identity details just went into the Council recycle bin.

elljay

Thanks SailorSam. It's great having a chuck out isn't it! I do this routinely with everyday stuff. However I know there are various rules regarding retention of business documents (accounts for 6 years or stuff like that) and wondered if those rules still apply when the business has long gone and nobody's likely to be interested.

It was a sole trader business. I think I'm at least going to go through and get rid of stuff like the health and safety policy which there really is no point in keeping. And if a few other bits creep on to the bonfire well I'll take the chance!

EJ

alltaken

Could you scan the collection? Perhaps use a printing shops scanner if you have a very large amount to scan?

Burn the originals but retain the scans on a backup drive somewhere.

National_Debtline

Hi

I’m not sure on the answer to your question but Business Debtline should be able to advise you.

www.businessdebtline.org

James
@natdebtline

tigerfeet2006

alltaken wrote: »

Could you scan the collection? Perhaps use a printing shops scanner if you have a very large amount to scan?

Burn the originals but retain the scans on a backup drive somewhere.

This ^^

Better to keep them for the moment until at least 6 years after BR. Odds on you won't ever need them again but better safe than sorry and if they're scanned at least you won't have it staring you in the face all the time.

elljay

Thanks all. Yes I may give Business Debtline a ring, they were hugely helpful (as well as sympathetic) when I rang 3 years ago. The advisor I spoke to was someone even older than I was (amazing!) an ex business man who now works for them. He was so on my wavelength when I spoke about setting the business up for my children etc. I wish I'd thought to get his name - I could've hugged him!!!!

Anyway, I digress. I've started going through these wonderful neat files now and realise a lot are already digital (emailed invoices etc)and I only printed them off so that I could easily take the files along to my OR meeting. In the end the meeting was by phone only and none of my beautiful organised files were needed!! So I'm definitely going to have that bonfire next week and anything I'm left with I'll keep for another couple of years but in a small box, not a whole filing cabinet. I may scan them but it's a faff to do that and I've wasted enough of my life on that business as it is.

Thanks all for helping me to think this through. Isn't this the most amazing board on this forum? I've been having a flick through some of the others that interest me, families, or property and there are some helpful but often sarcastic or judgemental regular posters there who seem to know it all (or actually do know it all) but treat newcomers really poorly. That hardly ever happens on this board. Everyone tries to help and we've also got the experts too. Nobody judges. You're all the best!!

EJ