What happens to the company that I was a director for in BR?

Hello all,

I am now finalising my online application for BR, just waiting for the £680 to clear through the system and hitting the button. But one thing that is lingering in my mind is if anything would happen to the company that I was a director for.

I was appointed as director of this very small company (1 director, 1 secretary and the secretary is the guy running this company) in April 2015, and have been until last December 2016. Just waiting for an HSBC business appointment to get the signatory changed to the new director and take my name off the business account next week.

My question is, since I was a director of this company until recently, would my personal BR in any way affect the company? It is a very small company where my father used to be the director, then I replaced him in Apr 2015. I received no salary or any other income from the company.

From Stepchange and other online sources, I got all my questions on the personal side answered, but still am stuck on this business side question, any help would be much apprecited!

Comments

  • Mouse007
    Mouse007 Posts: 1,062
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    I presume you have resigned as (the sole) director in which case the company will need to appoint a new director.

    That aside, were you also a shareholder?

    The company will be completely unaffected by your bankruptcy, but if you have or had any shares the OR maybe interested in the value thereof.

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  • Yep, the new director was appointed on the same day I resigned, and there is also a secretary. I had 50% of the shareholding, and the secretary has the other 50%. But the share has a nominal value of £50 each, so my shareholding would have been worth £50.. Basically a very small company with minimal income and no assets of significance.

    I also think there should be no problem but in my personal BR application they wanted to know the details of any company I was a director of, so just wanted to make sure everything is OK and the company continues unaffected.
  • National_Debtline
    National_Debtline Posts: 7,998
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    Organisation Representative
    Hi

    You can contact Business Debtline if you have questions on the business side of things.

    www.businessdebtline.org

    James
    @natdebtline
    We 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 Steps
  • EdwardB
    EdwardB Posts: 462
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    Forumite
    Hi

    You can contact Business Debtline if you have questions on the business side of things.

    www.businessdebtline.org

    James
    @natdebtline

    Rather than using that post to advertise your company how about answering the question or getting someone from that company to answer it.
    Please be nice to all MoneySavers. That’s the forum motto. Remember, the prime aim is to help provide info and resources. If you don’t like someone, their situation, their question or feel they’re intruding on ‘your board’ then please bite the bullet and think of the bigger issue. :cool::)
  • EdwardB wrote: »
    Rather than using that post to advertise your company how about answering the question or getting someone from that company to answer it.

    Oh no, how dare National Debtline advertise a free charity!
    Business Debtline do not frequent the forum hence the referral to their website.
  • EdwardB wrote: »
    Rather than using that post to advertise your company how about answering the question or getting someone from that company to answer it.

    They are answering the question by giving the link to a free and impartiale service that will help him. They are giving valueable advice to Ninja and advice anyone of us would give.
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    The only stupid question is an unasked one
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  • alltaken
    alltaken Posts: 452 Forumite
    Impartiality wise, I'm ready to stand corrected, but NDL's sister service BDL is a specialist in business debts where as CAB, Stepchange etc, not so much....

    It would have been 'bad advice' to refer the poster to a service that offers less specialist business debt advice.

    I believe James acted in a fair and helpful way by suggesting the service to the poster. Understandable that you might question the suggested charity from time to time but rest assured, the decision taken by MSE to allow James, Laura, others from NDL, Stepchange, CAB to post debt advice on the forum is likely one taken very, very seriously at a high level. If in doubt give sourcrates (board guide) a PM or PM the charity poster directly and ask, it saves any mix up and off put when people peruse the forum.

    Top job guys - thank you.
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