Selling business stock pre bankruptcy

vivki

Hi guys. Can I get some more advice please?

I have an eBay business, and I am closing this down ahead of going bankrupt at the end of September. The stock is likely to get me around £1200 I believe - no more than 1500. It won't be a sale at undervalue, but I intend to use the cash to pay for my bankruptcy and also try and have some cash to put aside for emergency. Is the receiver likely to have anything to say about selling the business and look into where the cash went in any detail?

Thanks in advance

TheGardener

Selling your stock for the normal price is fine. Using the proceeds to pay for your BR is fine. As for putting some away for emergencies - that's a bit more difficult but if you have any urgent expenditure (dental repair, car repair etc) then use any funds left over to cover those now and ensure you keep receipts.
OR's always look into things in detail