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Small business after bankruptcy

Hi All,

My husband and I declared bankruptcy in 2018. Since then we've remained debt free. Through our jobs and freelance work we've saved enough money to launch a small business. We're all set to launch on December 3rd. One of our final tasks is to get public liability insurance. We need this to be able to sell our product (coffee) on the Christmas market stalls. Despite not having a problem getting insurance for anything since we declared in 2018, we're now struggling to get cover. Any ideas? Will we still need to declare it on insurance applications after the six years? Can bankrupts not run a small business for the rest of their lives? I find the last one hard to believe after seeing the number of entrepreneurs who declare bankruptcy early in their careers and go on to have successful businesses. 



  • DullGreyGuy
    DullGreyGuy Forumite Posts: 6,207
    1,000 Posts First Anniversary Name Dropper
    Most have failed companies not bankruptcy and whilst both Product and Public Liability insurance is highly sensible it's not a legal requirement. A failed LTD doesn't automatically lead to a personal bankruptcy... in fact its designed not to but some creditors require personal guarantees.

    Speak to a proper advisory broker, starting out they may be proportionally expensive but as you grow it will become less significant as you move from being a vSME who can buy online to a company that has no option but to use a broker.
  • Justdoit18
    Justdoit18 Forumite Posts: 16
    Fifth Anniversary Name Dropper First Post
    Perfect, thanks!
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