Considering Bankruptcy - will OR tell employer?

Dancingdebs

Hi,My partner and I are both considering bankruptcy, but I'm not sure how this would affect my job. Im an Accounts Manager at a transport company, and have worked there for 10 and a half years now, small firm, and have worked myself up to this position. I dont hold any Accountancy certificates and Im not a member of any Accounting body. But I have recently been made a signatory on the bank accounts and I also move money about online for the Company. Would I still be able to do this? The bank we deal with is not a creditor of mine if that makes any difference. I have a really kind boss and Im sure it wouldnt worry him, but I would rather be able to tell him in my own time rather than it coming from the OR. Thanks xx

tigerfeet2006

Hi and welcome to the board.

I would give the the insolvancy a quick ring, the number is in my sig. They should be able to confirm for you.

Richard_S

Hi Debs,

The O.R won't specifically tell your employer but depending on the time of year you declare bankruptcy you may get an N.T (No Tax) Code. This doesn't specifically mean that somebody has been declared bankrupt but it's a reasonable assumption to make. The closer to the end of the tax year you leave it the less likely it is you'll get an N.T Code; for thesimple reason that it's not worth doing for a month or two.

I work as an accountant in a very large organisation and I'm still a signatory on the bank account, and still sign off petty cash and purchase invoices.

It depends on the relationship you have with your boss. If you don't think he'd object then tell him, if not then it's possible that he won't find out anyway.

Regards

Richard

Dancingdebs

Thanks Tigerfeet2006 and Richard_S for your replies. We would hopefully be looking at declaring by January so I might/might not be lucky with the NT code then. I do have a good relationship with my boss so I will consider telling him.
At the moment my partner has stopped paying his creditors all bar one (LTSB) which is his biggest creditor. The problem is that LTSB are who we bank with so if we just cancel the DD they will still take the loan money when his wages are paid in. Should he just open up a basic account with the CO-OP now and risk it being frozen for a few days when we declare bankruptcy? I am also with LTSB and still paying my loan with them, but trying to negoitiatie lower payments with other creditors, just to bide me some time.

rog2

Hi Dd - I agree with Richard. Whilst it is most unlikely that the OR will specifically inform your boss of your Bankruptcy - unless you work in the Financial Sector or one of the professions that are prohibited for bankrupts - it IS possible that your boss is likely to find out. This could be by the Tax Code change, as suggested by Richard, by reading of your bankruptcy in the local press, or simply through 'malicious' gossip.
I, personally, would advise that you tell your boss of your situation. By the sound of it he seems quite a reasonable person and, judging by the time you have been working together, is unlikely to react negatively to your situation.
You will, probably find him most supportive and I doubt very much whether it will affect your position as a company signatory.
Good Luck