| T O P I C R E V I E W |
| remedy234 |
Posted - 03 April 2012 : 00:48:49
Hi, i recently declared myself bankrupt (personally) after an IVA was rejected. Ive been asked by the OR to produce 3 months wage slips but as i was the sole director of my company i dont have any. The company only started trading as Ltd in September last year after 4 years as trading as a sole trader so i simply took out any money i needed and was going to declare dividends. The company is still trading although obviously I'm no longer a director |
| 15 L A T E S T R E P L I E S (Newest First) |
| remedy234 |
Posted - 03 April 2012 : 23:35:41
Oh it's a minefield isn't it. You don't know what advise is good or bad when youve never been thru it before |
| debtinfo |
Posted - 03 April 2012 : 22:50:20
that would effectively be hiding income from the OR and another reason why you are not allowed to be running the company |
| remedy234 |
Posted - 03 April 2012 : 21:05:38
So is my thinking, (again advised) that for instance the company makes £4000 a month, and i get paid £1000 of it that then the OR would only assess what i could afford to pay on the lower amount as the £3000 would be tied up in the company and not disposable? |
| Niobe |
Posted - 03 April 2012 : 21:01:14
Agree with debtinfo - it's not worth it.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
| debtinfo |
Posted - 03 April 2012 : 21:00:08
is it worth contrevening the bankruptcy rules simply for that reason when you can quite effectively trade legally as a sole trader.
The whole point of the rule is so that the people you trade with can make an honest assesment of the person they are trading with if they want to, that is why you are not allowed to hide your liability behind a ltd company |
| remedy234 |
Posted - 03 April 2012 : 20:53:40
i traded as a sole trader for 5 years previously, i only made the company Ltd as i thought it gave a more professional image |
| debtinfo |
Posted - 03 April 2012 : 20:51:17
can you not do that as a sole trader which is legal for you to do |
| remedy234 |
Posted - 03 April 2012 : 20:45:40
Im not sure, probably the first one but im not really sure what "running the company" means, i literally provide a service to clients then invoice, thats literally it. Am i being naive or ignorant? Im just trying to keep a roof over my head and my kids paid for. |
| debtinfo |
Posted - 03 April 2012 : 20:39:11
did the CAB say
it is ok to have someone else be the director and run the company (which is correct)
or did they say
it is ok to install someone else as a paper director and secretly still run the company yourself (which is not) |
| remedy234 |
Posted - 03 April 2012 : 20:34:34
it would appear ive been given bad advise? |
| Niobe |
Posted - 03 April 2012 : 20:33:15
Debtinfo - this site will never give out personal information for anyone without their permission.
I presume that applies to the OR as well.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
| remedy234 |
Posted - 03 April 2012 : 20:16:29
I was advised by my local citizens advise to simply remove myself as a director and have a family member become director. I did this before declaring myself bankrupt, again, as advised. The company pretty much runs itself though, no decisions are being made o and as it stands there are no assets. With regards to how i was paid, well until recently i was a director so took dividends, obviously now a PAYE system is being implemented but as this was only very recent nothing is actually in place yet.
As regards to my roles in the company im out on site everyday doing the manual side of the work, i then invoice and thats the lot, nothing else. I still do that now. |
| debtinfo |
Posted - 03 April 2012 : 20:14:27
Hi Kallis, i have always wondered, and im sure that this is unlikely given that the posters only really provide an email address to be able to post, but given that the OR can privately examine (albeit only in rare and very serious circumstances)any person that appears to have information pertaining to the bankrupts conduct or assets, how would the site respond to such a request for information |
| debtinfo |
Posted - 03 April 2012 : 20:11:02
Remedy
a simple queston for you, what roles did you do when you were a director, and who does those roles now?
also what roles do you currently do as an employee and how do they differ from what you did as a director.
also did you declare in your bankruptcy forms the company that you were a director of, did you hold the shares in that company, what happened to them, did you declare these assets or former assets to the OR.
You started the thread about proving income, how are you paid now, through the PAYE system, presumably you now get pay slips, will the OR not notice that you are emplohed by the company you were a director of and ask the same questions about who is running it and about the shares? |
| Niobe |
Posted - 03 April 2012 : 20:11:01
But you are still running the company which you are not allowed to do.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
