Bankrupt a few years ago now

Debtfreedom

Hi all i'm new to these boards, so bear with me.:D

Back in 2002 my partner and I went bankrupt, just with spiralling debts, we had no assets or business just debts from credit cards, loans. We all know how it goes.

Anyway, now my partner has been offered an opportunity to start up his own business next year and wonder whether there will be anything from the bankruptcy that would hold him back.We were discharged in 2005. We have not purchased the £60 court fee for the discharge form stating we are now discharged.

Any help would be appreciated.

Conor_3

Check the restrictions on being a director of a company. If you're going Sole Trader, there's no restrictions.

You'll find it extremely difficult getting business banking though so be warned.

backontheup

Debtfreedom wrote: »

Hi all i'm new to these boards, so bear with me.:D

Back in 2002 my partner and I went bankrupt, just with spiralling debts, we had no assets or business just debts from credit cards, loans. We all know how it goes.

Anyway, now my partner has been offered an opportunity to start up his own business next year and wonder whether there will be anything from the bankruptcy that would hold him back.We were discharged in 2005. We have not purchased the £60 court fee for the discharge form stating we are now discharged.

Any help would be appreciated.

It doesnt matter if you have the certificate or not - you are still discharged

There should be no restrictions now that you are discharged. Good luck with everything!

chimaera_2

Hi,

I was dicharged in August 2007 from a BR of personal debt.

My understanding is that there is no restriction from being a director once discharged. Its only a issue whilst still BR.

Due to a career change since discharge and now contracting, i needed a Ltd company to do this through. I have had no problems with setting up a company through the correct channels.

I also had no problems with opening a business current account (with a cheque book and Visa Debit Card) and business deposit account (for squirrelling tax money into) through Barclays, and yes i was completly level and did tell them about the BR.

So it is possible and i found it painless to do.

Good luck with your business when it gets of the ground.

Chimaera

meech78

As far as i know, you can't be a director of a company whilst you are BR but as soon as you are discharged, you should be able to be a director.....

Someone mentioned getting a business bank account might be tough which i agree with, i would check that out before starting up.. The other option of course is to become self employed.

As chimera said, try Barclays as they have always been good with anyone i know that has tried getting bank accounts after going BR.

Best of luck amigo and hope the new venture goes well and you enjoy your new life debt free!:beer:

rog2

Once you were 'discharged' you were 'discharged from ALL restrictions that were placed on you during your bankruptcy period'.
This means that you, or your partner, are perfectly free to set up in business, or to become directors of a limited company.
You are also free to apply for credit, although your bankruptcy will still show on your credit file, for 6 years, and this could make it difficult to obtain credit.
Other than that - it's all systems go - good luck.