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T O P I C R E V I E W
sazkat2
Posted - 18 May 2008 : 13:25:57 Hi all sorry to ask another question but you are all so helpful!! My business looks like it is in trouble. I have unsecured debts for it in my own name not the business name. Someone has suggested that if I register as a LTD company I would not be in so much trouble personaly. But I am sure the debts would still be mine because they are still in my name and not the business name? Am I correct in this or would becoming LTD help the situation?
Thanks so much for the help you give on here
3 L A T E S T R E P L I E S (Newest First)
sazkat2
Posted - 20 May 2008 : 14:33:49 Hi thanks for both your replys. The debts are mainly with the banks in my name. The main problem I have is the rent on the shop it is £2700 a month thats without any rates etc. I could probably cope without going bankrupt if it wasnt for the shop lease that doesn't end untill next Feb. If the shop continues to be so quiet the only way out of the lease as far as I can see is to get someone to take over it which I doubt will happen or file for bankruptcy
Thanks again for your help
Sazkat2
melanie_giles
Posted - 18 May 2008 : 19:40:24 You will never be able to switch over personal debts into the limited company, without the express agreement of the creditors concerned, which is extremely unlikely. But you might want to continue trading as a limited company into the future, if your business is largely profitable.
If continuing to trade is important to you, have you considered whether an IVA might be a sensible way forward?
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
JulianDonnelly
Posted - 18 May 2008 : 18:49:46 Hi Sazkat,
If the debts are in your name then you will not be able to switch them over to a Limited liability debt via company incorporation at this stage.
Are the debts trade creditors or loans and mainly bank related debts?
