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| T O P I C R E V I E W |
| LimeTree |
Posted - 08 April 2008 : 20:05:14
Hello first time posting, please could you advise on a few questions;- I am considering bankruptcy
1, I currently am self employed while reading your info it states that you are not allowed to be a director of a company how does this effect me?
2, What will happen to my business bank account?
3, Are tools and equipment listed in assests?
4, What happens to vehicle that is registered to my company?
I currently work as an electrician.
Thanks |
| 1 L A T E S T R E P L I E S (Newest First) |
| melanie_giles |
Posted - 08 April 2008 : 21:30:57
I've answered this on the post on iva.co.uk, but heYou can only not be a director if you enter bankruptcy proceeddings. In an IVA you are free to carry on your company directorship.
If your bank account is held with the same bank to whom you also owe other money it is likely to be terminated. If you are trading as a limited company the bank may allow the account to continue, but if you have persnally guaranteed an overdraft or loan then the facility may be withdrawn.
Tools and equipment are to be listed as assets in both bankruptcy and IVA proceedings, but items classed as "tools of the trade" are exempt.
If the vehicle is registered to a limited company, it belongs to that legal entity and not yourself.re is my response
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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