| T O P I C R E V I E W |
| james54527 |
Posted - 04 April 2008 : 21:37:05
Both Myself and wife are in process of filling Statement of Affairs and we just have a few question that we are hoping to get answered.
In the income and expenditure section do we put the total amount for domestic bills e.g. mortgage, council tax etc.. Or do we share the amounts on each of our forms?
Also with regards to the whole process will my wife have to give up her mobile phone which is on contract, which she needs for work as she is self employed? |
| 9 L A T E S T R E P L I E S (Newest First) |
| melanie_giles |
Posted - 04 April 2008 : 23:30:00
James (I think I know you from a previous life!!)
Your wife's business will be caught up in her personal bankruptcy, especially if she has monies owed to her by her clients which will form part of the bankrutpcy estate. She will also need to seek the Official Reciever's express permission to continue trading although, as I know a little about your business, I do not feel that this would be witheld. |
| james54527 |
Posted - 04 April 2008 : 22:34:56
quote:
Originally posted by Reviva UK
Have you had a chat to anyone about the implications?
No not chatted with anyone in regards to implications.
She runs her business quite informally as she has about 15 regular clients who she cleans for on a weekly basis.Most are retired people so the need for contracts has never been dicussed.
Other than busuness banking are there any other things she might need to deal with? any info would help. |
| Reviva UK |
Posted - 04 April 2008 : 22:25:56
Hi Carl
The only people you need to advise that you are in Br are:
1. anyone who is about to loan you 500 or more. You can obviously borrow whatever you like provided someone will lend money to you. It is a criminal offence to borrow 500 or more without advising them of the situation.
In reality all of my clients want to run a 100 mies from a credit card
2. Ones work contract may have specific provisions for Br and certainly there are some jobs that are not possible to fulfil during Br.
3. possible - but unlikely - that a customer has it in their contract that you must disclose the fact that you have gone br.
4. Some landlord STA 's require one to disclose the fact
I may have missed something but that is fundamentally it.
I have many self employed clients who have carried on their business - but it is always worth looking at all the implications and planning for them BEFORE the day rather than afterwards - i.e. bank account etc
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| james54527 |
Posted - 04 April 2008 : 22:20:52
The business has no debts, she work on her own and the only outlay was on leaflets for a leaflet drop, a compact dyson, cleaning products and sign writing on her car. Very little was intially laid out some 9 months ago £500 if that.
Yes have sorted bank a/c have co-op cash minder and current a/c.
She doesn't have a bussiness a/c just keeps logs of all income and any cheques go through personal bank. |
| Carl McMullen |
Posted - 04 April 2008 : 22:15:01
Paul,
If the business goes bankrupt and keeps the same name, dont you have to disclose this to all of your customers and on all correspondence ?
Carl |
| Reviva UK |
Posted - 04 April 2008 : 22:10:01
Her income is what is left after ALL costs
cleaning material
traveling to & from locations
mobile phone
web page
advertising
marketing
bookeeping etc etc etc
so she may invoice 1,000 per month but her INCOME after all costs may be 500.
Tax code - It is not the end f the world if you can't answer that yet . You will however need to fill in all the boxes so type in TBC ( to be confirmed) the OR will discus with you at the telephone interview etc.
FYI if your wife is Trading As , then all the business debts will also be included - so inpoint of fact the business will "also go Br" but the OR is likely to allow her to trade afterwards.
she will need to trade in the same name ( she will NOT be able to trade in a different name while in Br without the express permission of the OR)
Have you sorted bank accounts out yet? She will have difficulty in keeping a biz bank account open so she may wish to trade under her own name so if someone pays by cheque it can be deposited easily.
just some thoughts.
Have you had a chat to anyone about the implications?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| james54527 |
Posted - 04 April 2008 : 21:59:11
quote:
Originally posted by Reviva UK
Mobile phone should be fine as she needs it for work. Please bear in mind that her income is what is left after all her business costs inc phone.
What does she do as a self employed person?
When completing her income does she put down income after expenses?
She is a Domestic cleaner for private individuals.
On the SOA form it asks about Business details. Is this just for their interest and fullness of facts, as we are only personally going bankrupt and not her business, also they ask for a tax code, which i understand is on the tax return form, but this is her first year of trading so does not have this. What should she do? |
| Reviva UK |
Posted - 04 April 2008 : 21:46:42
Hi James
For your SOA put in the total for the household costs then just put in the contribution from your wife. For her SOA it will be the reverse.
Mobile phone should be fine as she needs it for work. Please bear in mind that her income is what is left after all her business costs inc phone.
What does she do as a self employed person?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
| Carl McMullen |
Posted - 04 April 2008 : 21:44:05
Hi James,
Not sure about the I&E i would say to do it jointly but i am sure someone will answer you shortly.
With regards to the contract providing you are up to date with the contract there is no reason why the provider will cancel it.
Carl |
