Business insurance for director of insolvent company
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djms
Posts: 1 Newbie
Hi All,
Apologies if this is the wrong place to post, not much of a forum user!
I am helping a colleague who was a director of a company which went into insolvent liquidation in 2008.
He is now looking to open a restaurant but isn't sure how to approach insurers when it comes to the proposal form questions about previous insolvency.
Does anyone have experience of obtaining business insurance, despite a previous insolvency or personal bankruptcy? If so, which insurer was good to you? I think he is keen to avoid a no, hence trying to help him get a positive answer first up!
Cheers.
Apologies if this is the wrong place to post, not much of a forum user!
I am helping a colleague who was a director of a company which went into insolvent liquidation in 2008.
He is now looking to open a restaurant but isn't sure how to approach insurers when it comes to the proposal form questions about previous insolvency.
Does anyone have experience of obtaining business insurance, despite a previous insolvency or personal bankruptcy? If so, which insurer was good to you? I think he is keen to avoid a no, hence trying to help him get a positive answer first up!
Cheers.
0
Comments
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Insurance companies usually ask:
a) have you ever been bankrupt - to which the answer is of course 'yes'.
or
b) are you bankrupt or subject to an extended bankruptcy order - which is present tense and to which the answer for an ex-BR is 'no'.
If it proves difficult to find what you need I'd try an insurance broker with experience of bankruptcy.0 -
TheGardener wrote: »Insurance companies usually ask:
a) have you ever been bankrupt - to which the answer is of course 'yes'.
or
b) are you bankrupt or subject to an extended bankruptcy order - which is present tense and to which the answer for an ex-BR is 'no'.
If it proves difficult to find what you need I'd try an insurance broker with experience of bankruptcy.
If the director went into personal bankruptcy then (a) would be correct, but if the company became insolvent but it didn't mean bankruptcy for the director then (a) would be 'no'.I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Why would any sensible person use SIS in Manchester?, a company that feels the need to post on forums to advertise their services without telling people that the post is actually from the managing director of the company concerned.0
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