Bankruptcy or Lump Sum Iva?

Moonraker67

My situation is I am 67 ,in receipt of a State Pension,( £9,000.00 pa) .
I am Builder ,but physically  now only able to do small jobs, a couple of days a week.
I owe currently  £50 k to HMRC ,£10 k in Vat,and £ 8k to Barclays in a BBL.
Over the years,  I have had a few jobs go sour on me and lost a lot of money.
I personally have no savings , but own a 8 year old van worth about £7k.
I signed over my share of the house to my wife in 2010, shows on Land Registry.ifes 
She has had a good job ,always kept her finances separate,  and paid all the bills and Mortgage.  I used to try and pay £1k to £1.5k per month towards household expenses. 
She is retiring and will get a lump sum and has offered me £30k towards my debts.
I can see two options .
Bankruptcy.  House in Wifes  name for 15 years, but does Beneficial interest kick in?
Lump sum IVA. 
Get Company in to put in offer to creditors. Again is the house safe?
Never expected to end up like this,that's for sure!

fatbelly

I would be nervous about bankruptcy doe to the house transfer being regarded as a transaction at undervalue

I would also be unsure if HMRC as the majority creditor would block an IVA.

Have you run this past Business Debtline? What did they say?

Moonraker67

I understand that Transaction at Undervalue is two years for Companies and five years for Individuals.