Business insurance for director of insolvent company

djms

Hi All,
Apologies if this is the wrong place to post, not much of a forum user!
I am helping a colleague who was a director of a company which went into insolvent liquidation in 2008.
He is now looking to open a restaurant but isn't sure how to approach insurers when it comes to the proposal form questions about previous insolvency.
Does anyone have experience of obtaining business insurance, despite a previous insolvency or personal bankruptcy? If so, which insurer was good to you? I think he is keen to avoid a no, hence trying to help him get a positive answer first up!
Cheers.

TheGardener

Insurance companies usually ask:
a) have you ever been bankrupt - to which the answer is of course 'yes'.
or
b) are you bankrupt or subject to an extended bankruptcy order - which is present tense and to which the answer for an ex-BR is 'no'.

If it proves difficult to find what you need I'd try an insurance broker with experience of bankruptcy.

silvercar

TheGardener wrote: »

Insurance companies usually ask:
a) have you ever been bankrupt - to which the answer is of course 'yes'.
or
b) are you bankrupt or subject to an extended bankruptcy order - which is present tense and to which the answer for an ex-BR is 'no'.

If it proves difficult to find what you need I'd try an insurance broker with experience of bankruptcy.

If the director went into personal bankruptcy then (a) would be correct, but if the company became insolvent but it didn't mean bankruptcy for the director then (a) would be 'no'.

shaun_from_Africa

Why would any sensible person use SIS in Manchester?, a company that feels the need to post on forums to advertise their services without telling people that the post is actually from the managing director of the company concerned.