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| richd |
Posted - 27 August 2008 : 21:36:54
Hi
I am possibly going to have to go bankrupt. My Ltd Co business is in difficulty and likely to fail in the next 2 or 3 months, so I am making preparations now. I've spent the last 10 years banging my head against a wall basically, and now, with a recession looming, I think enough is enough.
The amount of personal gtees I have in place plus high level of personal debt (accrued by not being able to pay myself enough, whilst kidding myself things will improve) will make me insolvent.
I have put the house on the market. A good family house in a decent area, which despite all the doom and gloom, should sell and leave us with say 100k equity. (Joint with wife. It would be just me going BR though).
So my BI would be 50k?. I have a well paid job lined up should the company go, the future employer is aware of my situation and has offered to split my salary with my wife, by empoying her too.
That's my first question then, would that be viewed suspiciously? We were after all both Director and Co Sec of my company.
We would be moving into rented a/c. Would I be able to prepay say a years worth of rent out of my half of the equity? This would be done before I went BR by the way. What about prepaying council tax too? Even utilities?
We've got used to living frugally over the years, no issues on what we're alloted to spend on living, but what about the amount of rent paid - is there a 'reasonable' amount for that? Houses aren't cheap to rent down here in the South East. Thinking about a third of joint take-home pay from the new job.
Thanks for any assistance you can offer!
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| 5 L A T E S T R E P L I E S (Newest First) |
| richd |
Posted - 27 August 2008 : 22:58:06
Message just left John!
Look forward to speaking to you.
Keep up the good work everybody, this forum is a great resource for those reaching the end of our tethers!
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| John |
Posted - 27 August 2008 : 22:45:26
Hi rich
if you wish I would be happy to speak with you through the free helpline. At least we could identify if it's worth you going ahead with a professional firm.
If you call the helpline and leave a message and contact number I'd be pleased to call you back around noon tomorrow or whenever is convenient.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| richd |
Posted - 27 August 2008 : 22:32:13
Thanks for swift replies!
Whilst there is a business loan secured on the house, this will be repaid out of sale of assets (just) if the company goes bust. Only borrowing on the house is the primary resi mortgage.
Interested to speak to one of these 'no immediate fees' people. I think I'm beyond an IVA as potential liability is around 300k. Could you recommend someone, or should I call on your helpline?
Thanks again. |
| John |
Posted - 27 August 2008 : 22:15:29
Hi richd
I agree with andymac. You may well benefit from professional advice and some such companies are happy to talk through your situation first over the phone before you make any decision or monetary commitment, so by doing so you will have nothing to lose.
For example, have you ever raised equity from the house and put it into the company? If you have then the balance of any equity split after sale could be in your wife's favour and if she is not going down the BR route that means less assets lost in your BR.
For someone in your position with a failing business and considerable equity in the property, with help, you could well find yourself in a much improved position from that which you first thought.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| andymac |
Posted - 27 August 2008 : 21:46:47
firstly welcome, we have all been there, done that to some extent....
i think you ought to seek professional advice as a business, BI and future salaries are concerned. one of the professionals here will be more than able to advise you.
Regarding splitting salary, and especially paying rent in advance you need to be careful, as this "could" be viewed being unfair to your creditors. I might be wrong, but worth checking.
The OR will look closely at things like this.
as for rent, we rent a house for 1500 gbp per month, in themidlands, and had no issues.
be honest, and fair, and you should come through the BR proces OK.
good luck. |
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