Nearly 100K debt...HELP!

MathewLisett

fermi wrote: »

2) Restrictions on being a director of a company are lifted once you are discharged. I'm sure that's what was meant, but it seemed a little unclear to me.

It's certainly not easy, but neither is it the third circle of hell.

incorrect from what i have recently been told by the inland revenue, you have around 10 years or something to that effect that you can not be a ceo etc of a company or ltd business, but yes you can be a sole trader.

fermi

MathewLisett wrote: »

incorrect from what i have recently been told by the inland revenue, you have around 10 years or something to that effect that you can not be a ceo etc of a company or ltd business, but yes you can be a sole trader.

I'm afraid it is you who have been told the incorrect info. I would suggest you consult someone who is familiar with insolvency legislation rather than an agency who can't even manage to send national private info via registered post or encrypt it.:rolleyes::rolleyes::rolleyes:

From: http://www.insolvency.gov.uk/guidanceleaflets/guidetobankruptcy/guidetobankruptcy.htm

When you are discharged you can borrow money or carry on business without the restrictions previously referred to. You can act as a limited company director unless you are disqualified from doing so as a result of a separate order arising out of your involvement with a company.

From: http://www.insolvency.gov.uk/freedomofinformation/technical/TechnicalManual/Ch25-36/Chapter25/part2/part_2.htm

Company Directors Disqualification Act 1986 25.14EA Promotion, formation and management of a company

It is an offence for an undischarged bankrupt to act as a director of, or directly or indirectly take part in or be concerned in the promotion, formation or management of a company, except with the leave of court. EA 2002 extends this prohibition to include a discharged bankrupt who is the subject of a BRO.
Notes: s 11

If a company has adopted Table A as its articles of association, a director is obliged to vacate office if he becomes bankrupt or makes any arrangement or composition with his creditors generally.
25.15

The court to which a bankrupt must apply for leave to take part in the promotion, formation or management of a company must be the court by which the person was adjudged bankrupt. The leave of the court will not be given unless notice of intention to apply for leave has been served on the official receiver. If the official receiver is of the opinion that it is not in the public interest for the application to be granted, he must attend the hearing and oppose the application.

From: http://www.insolvencyhelpline.co.uk/bankruptcy/effects-of-bankruptcy.htm

A bankrupt may not:

• Obtain credit of £250 or more alone or jointly with another person without disclosing his or her bankruptcy
• Conduct business directly or indirectly in any name other than that in which he or she was made bankrupt
• Be involved directly or indirectly in promoting, forming or managing a company without the Court’s permission
• Hold certain public offices

When a bankrupt is discharged these constraints are ended.

The restriction on a bankrupt being the director of a limited company can ONLY be extended past discharge is a Bankruptcy Restriction Undertaking order is in place, and the are still reasonably rare and only applied if there has been deliberate misconduct by the bankrupt:

See: http://www.insolvency.gov.uk/guidanceleaflets/bro/bro.htm

And RAS's assessment of the implications on housing is representative of the experience of the vast majority of BR's.

You should have a read through the Bankruptcy & Living With It board.

fermi

Sorry Dancingdebs.:o But it is hard to ignore it when people post blatantly incorrect information that could potentially mislead someone else reading the thread.

Again this thread needs to get back on topic.

MathewLisett

hey sod off with blasting me about info i give, im baising it on information and experinces i have dealt on.

yes SOME of it may be incorrect or slightly out, but its information and most of it is true.

I dont get paid doing this which as you can see is a good thing, so dont expect me to be a legal egal ok, BACK OFF me as its unfair to start slamming me for advice i give.

fermi

No-one is blasting anyone. If it comes across that way to you then that is not how it was meant.

But if someone posts info which I know to be incorrect I will respond. That is what this forum is here for.

MathewLisett

fermi wrote: »

blatantly incorrect information that could potentially mislead someone else reading the thread.

how else am i to take this comment then !!

fermi

MathewLisett wrote: »

how else am i to take this comment then !!

As it stands! The information was incorrect, and could lead to someone misunderstanding the potential consequences of bankruptcy in relation to their future business affairs and ability to be the director of a company once discharged.

For many people considering BR it is a VITAL question regarding their future.

I'm sorry you are taking it personally, as again that is not how it is meant.