Advise- Bankrupt and owner of a business

Mummy2211

Looking for a bit of advise.

My partner is thinking of going bankrupt. He is the owner of a business (self employed plumber but with a business name) He works as sub contractor so company's,

How would going bankrupt effect this? Im worried hes not thought about this properly.

He has money from a house sale, but his money adviser has told him to go bankrupt, and get his family to open up accounts in their name for the house sale money to go in.

At the moment, the business account is in my name, as he couldn't get a bank account, But not hes saying that his dad is going to open a business account..

I don't think this is the right way to do anything, and worried he will make it worse from himself in a way.

Mummy2211

I should add the debt is personal debt not business debt - But he does have stock etc for the business

BoGoF

His money adviser? Who/what exactly......a guy down the pub?

No respectable, qualified person would give that advice.

It's called fraud.

Mummy2211

BoGoF wrote: »

His money adviser? Who/what exactly......a guy down the pub?

No respectable, qualified person would give that advice.

It's called fraud.

100% i know its wrong, but he wouldn't listen to me, as i'm just a women!
His money adviser is actually a registered one or what every they do, He sorts all the family's money out or gives them advise anyway..

So the house was sold, he has £60k in his brothers bank at the moment, But they told him to go bankrupt - his family keep the money in a bank in their name, and give him the card for the account, and then he will have the full house sale money left!!

BoGoF

Having the business bank account in your name is not a great idea either.....implicates you.

The whole thing is madness.

Mummy2211

So would it be best to close the account down-and let his family deal with it? i don't want him going bankrupt effect me, i have a few debts of my own,but nothing i'm not dealing with or alot of money

Flyright

The previous poster is correct, this is a potential fraud and there is no way an Official Receiver would not find out about it if your partner went bankrupt.

silvercar

.... he has £60k in his brothers bank at the moment,....

So why does he need to go bankrupt?

luvchocolate

How much does he owe?
If its more than the amount he got from the sale of the house maybe offer full and final payment offers?
The O.R looks back for 5 years for sale of property etc and many more years if they think there is a need to.

No one on here will advise you to commit fraud by hiding funds.

AnotherJoe

He must think the official receivers office are full of numpties.

Its going to be obvious he sold a house and that the money was paid to family members.

So him and them will all be implicated in this fraud.

ToxtethO'Grady

He wouldn't be able to trade on the day he went BR


He has to keep the same trading name and the OR can take the stock or sell the business as a going concern.


He is disqualified from being a company director until discharged and even then is expected to inform the OR if taking up a directorship after BR - he can be put on the disqualified directors register


The OR doesn't usually have to go digging to find things out they are informed about dishonest conduct or fraud by 'concerned members of the public' however if he is linked with bank accounts or transfer of money in the last 5 years to family members as said above they can reverse the transactions and criminal charges could be filed.


If the money for the sale of the house comes to light in the future the OR can annul the BR and all debts would become payable and your husband would have committed an offence


I strongly suggest you try to put distance between your husbands business and yourself.


Are you buying your house? This could be at risk if he goes BR