Timescale to trade again after bankruptcy

Simontheframer

Hi all, so it seems pretty clear that you are free as a sole trader to start trading again after bankruptcy. But how long after being made bankrupt do you need to wait, can you literally start again the day after your bankruptcy date or should there be some interim period before starting up again?

KeepOnKnitting

I think I had the day of my bankruptcy off work because I just felt emotionally drained, but I was back at (self-employed) work the next day. Most of my clients knew I was going bankrupt, so I just got them to wait a couple of days before paying me so I knew my accounts weren't frozen.

TheGardener

I'm still not convinced you have to actually stop.

JCS1

I think you have to stop so any tax up to date of BR can be included.

Simontheframer

So if my bankruptcy date is the Thurs that is my 'closing' date and I can 'open' again the next day ( bearing in mind the bankruptcy restrictions), so there doesn't need to be any interruption in opening hours?

KeepOnKnitting

Probably not, no. I had to go to court because this was back when you did have to do it in person. I think now you could easily just keep trading on the day.

TheGardener

There will or course be a cut off date for the administration of your BR . The date of your BR is when you 're-start' everything.
Be aware that despite the cut off date - it can take the OR several weeks to let all your creditors know and the banks. It was several weeks before I saw anything happen with my bank accounts - others have seen their accounts frozen within a day or two.
Make sure you have a new bank account (a BR tolerant one) available from the day after BR for any payments and income.

WhenIam64

So if my bankruptcy date is the Thurs that is my 'closing' date and I can 'open' again the next day ( bearing in mind the bankruptcy restrictions), so there doesn't need to be any interruption in opening hours?

Has the LL agreed to allow you to continue to occupy? Amazed if he has though times is tough in the commercial market.

Simontheframer

Not sure whether the landlord has been notified yet or not. I've been a good tenant for the last eight years and the industrial site I'm on already has a number of empty units. If I was the landlord id rather have someone occupying and paying than an another empty unit. Guess I'll just have to wait and see though.

WhenIam64

Hope he does and good luck with the venture.