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| hammy0107 |
Posted - 28 May 2008 : 17:25:23
Hi all,
Yesterday i informed my co directors i was petioning for my own BR and resigned as a director. As of June 1st i am a manager and my salary has been reduced to that of a manager, a salary drop of £10k plus £1800 per annum car allowance reducing my take home pay by about £600 a month. I have asked for this information to be put in writing to me. My problem is that my court hearing is set for the 24th June and at this point my payslips will still show my earnings prior to resigning my post. My first payslip with my new salary will be available to me on the 25th June. I am assuming this will be okay as my meeting with the OR will be after the 24th and i can then show a payslip with my new earnings. However at this point my only proof of CURRENT and FUTURE earnings will be one payslip and a letter from my employers. Will this be sufficient and if not what alternatives do i have. I am happy to provide a payslip each month for the duration of the BR if needed, do you think this would satisfy the OR? Also i have today read that the OR can allow a person in BR to continue to act as a director, i am now wondering whether the OR would of preferred me to continue as a director as with maintaining my directors salary i would have had money to pay into an order. On paper it could be construed that i have deliberately reduced my earnings by resigning my position, however the truth of the matter is that my co directors will not allow me to act as a director whilst BR and therefore will not pay a directors salary therefore i have no choice if i am going BR.
Expert and/or not so expert thoughts would be really welcome please. |
| 4 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 29 May 2008 : 09:21:03
Hi Hammy,
I can confirm that you cannot be a director (whether formally appointed or not) of a public or private limited company as an undischarged bankrupt, so you have done the right thing.
With regard the drop in salary, if you tell the OR during the interview and send them a copy of the letter from your employer, that should be fine.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| hammy0107 |
Posted - 29 May 2008 : 08:35:38
What do the experts think?? |
| hammy0107 |
Posted - 28 May 2008 : 18:53:38
Thanks Vicki, i hope you are right. I am thinking a little clearer now and if i was allowed to remain a director i would have surplus monies to pay monthly however the way i have done it means i will be able to bring £10k lump sum to the table but have no surplus. £10k now or approx £10k over 36 months, surely the OR will see i have done what i have done for the right reasons. |
| m and v |
Posted - 28 May 2008 : 18:43:16
Hi Hammy
I am sure your one pay slip and letter will be ok. The OR will want to establish your disposable income and so will need to base that on what you actually will be earning.
You can explain the director situation to the OR as well - I think you'll find them more understanding than you are expecting.
Vicki x |
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