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limited Company
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BlewIt
Posts: 26 Forumite


I am recently bankrupt.
Come theb12 month anniversary and everything being well I will be discharged and will be able to then be director of a limited company.
If I own the company and am director what happens to any assets within the company? I am talking about mainly equipment used in the daily workings of the business, company vehicles etc.
(Just for clarity the company would be newly formed and would be contnuation my current sole trader business)
Does they continue to be the property of the company. Would the trustee show an interest in them? (They are all legitimate business assets. Nothing hokey going on)
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BlewIt said:I am recently bankrupt.Come theb12 month anniversary and everything being well I will be discharged and will be able to then be director of a limited company.If I own the company and am director what happens to any assets within the company? I am talking about mainly equipment used in the daily workings of the business, company vehicles etc.(Just for clarity the company would be newly formed and would be contnuation my current sole trader business)Does they continue to be the property of the company. Would the trustee show an interest in them? (They are all legitimate business assets. Nothing hokey going on)
What is your reason for converting from sole-trader business to Ltd Co.?0 -
BlewIt said:I am recently bankrupt.Come theb12 month anniversary and everything being well I will be discharged and will be able to then be director of a limited company.If I own the company and am director what happens to any assets within the company? I am talking about mainly equipment used in the daily workings of the business, company vehicles etc.BlewIt said:(Just for clarity the company would be newly formed and would be contnuation my current sole trader business)BlewIt said:Does they continue to be the property of the company.BlewIt said:Would the trustee show an interest in them? (They are all legitimate business assets. Nothing hokey going on)
Have you talked through everything with your official receiver? Do you have an accountant?
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Many thanks for the concise reply.There are assets i have been allowed to keep and some have been bought back from the trustee.Essentially there a van, a car, and a trailer plus some associated equipment.The car was sold shorty before bankruptcy due to reliability issues. I was going to be allowed to keep it and it will need replacing in the short to mid-term. I felt this would be better done from within a limited company.The van is being retained.The trailer was bought from the trustee but will need to be replaced shortly due age and condition.I hadn't appreciated there'd be issues getting a bank account for said new entity.0
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BlewIt said:Many thanks for the concise reply.There are assets i have been allowed to keep and some have been bought back from the trustee.Essentially there a van, a car, and a trailer plus some associated equipment.The car was sold shorty before bankruptcy due to reliability issues. I was going to be allowed to keep it and it will need replacing in the short to mid-term. I felt this would be better done from within a limited company.BlewIt said:The van is being retained.The trailer was bought from the trustee but will need to be replaced shortly due age and condition.BlewIt said:I hadn't appreciated there'd be issues getting a bank account for said new entity.
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