Desperate -need advice re bankruptcy/separation

Desperately need help - currently have a business with my husband (we are about to separate and things are turning nasty). The business is limited - the house was remortgaged to help the business which is seriously struggling. I am trying so hard to keep things afloat so that I can keep my house which I had before I married and was mortgage free. The house was put into joint names as tenants in common my husband having only 1%.

I am no longer a director of the company but I am the company secretary. My husband is threatening to make the business bankrupt - does this mean I will lose the house? I am not sure whether he will go ahead with this threat but if he does what implications will there be for me? Is there anything I can do? I would appreciate any help/advice that anyone can offer me.

Comments

  • macsacel
    macsacel Posts: 30 Forumite
    You need to talk to a solicitor. Pronto.
  • Richard_S
    Richard_S Posts: 4,432 Forumite
    tcem wrote: »
    Desperately need help - currently have a business with my husband (we are about to separate and things are turning nasty). The business is limited - the house was remortgaged to help the business which is seriously struggling. I am trying so hard to keep things afloat so that I can keep my house which I had before I married and was mortgage free. The house was put into joint names as tenants in common my husband having only 1%.

    I am no longer a director of the company but I am the company secretary. My husband is threatening to make the business bankrupt - does this mean I will lose the house? I am not sure whether he will go ahead with this threat but if he does what implications will there be for me? Is there anything I can do? I would appreciate any help/advice that anyone can offer me.

    Hi tcem,

    How much was the house remortgaged for?

    If your husband's share of the equity is only 1% that shouldn't pose a problem if you ultmately get divorced.

    If you want to make a clean break and your priority is to keep your house I would cease to have anything to do with the business at all and resign as secretary.

    Do you own shares in the company?

    Have you given any personal guarantees?

    If your husband does his worst and bankrupts the company then proving you have given no director's guarantees to the bank or other creditors, eg a business lease, property or equipment, then your only exposure should just be repaying the mortgage on the house.

    There's not really enough information to base an accurate assessment on but any detail you can give will result in more meaningful suggestions. I'm not always near the computer because we're in the process of rennovating & decorating but if things get really desperate I'm more than hapy to P.M you my mobile number and you can withold yr number to remain anonymous.

    Just bear in mind that a lot if not most people on this forum have been through problems that were seemingly unsolvable at the time but things will improve if you really have faith in yourself and your ability to turn your life around.

    Wishing you all the best,

    Richard
  • tcem
    tcem Posts: 31 Forumite
    Hi

    the amount outstanding on the mortgage is £140,000 - £1300 being paid a month (which is coming from the business which is why I am still working in the business to ensure it is paid).

    I own 49% shares.

    I have given personal guarantees.


    I would like to speak to you at some point if at all possible for any more advice available.

    Thanks
  • Richard_S
    Richard_S Posts: 4,432 Forumite
    tcem wrote: »
    Hi

    the amount outstanding on the mortgage is £140,000 - £1300 being paid a month (which is coming from the business which is why I am still working in the business to ensure it is paid).

    I own 49% shares.

    I have given personal guarantees.


    I would like to speak to you at some point if at all possible for any more advice available.

    Thanks

    Hi tcem,

    I was rather hoping that the mortgage was only a relatively small one but not really beleiving it would be. I can see why you need to stay involved with the business.

    Is the business struggling to pay it's debts, priority ones especially i.e VAT, PAYE? If the business closed tomorrow would there be enough to pay suppliers, bank loans etc etc, I can almost guess the answer is going to be no.

    I would much rather say something along the lines of it's ok, you've got nothing to worry about but that's not the case. I'll send you a P.M.

    Richard
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