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| T O P I C R E V I E W |
| dumb_blonde |
Posted - 21 January 2010 : 08:01:45
Hi All,
I'm preparing for BR due to debt accrued from business and personal loans.
I have split with my husband, we are 50/50 partners in a business that is bound for failure and we have a house in negative equity.
I want to have a clean sheet after BR so my concern is that he holds onto the business and house for a good while longer then after 12 months ( and in theory when I'm discharged from BR) it all goes wrong and I end up in debt again.
How do I separate myself from the business, its overdrafts and the house???
If I sign my shares over to him is that done and dusted and I'm in no way connected to the business any longer? Guess the house is tougher as you cant just sign it over can you - does he have to remortgage based on a single income???
HELP - I'm a little stuck on this.
Thanks
DB |
| 4 L A T E S T R E P L I E S (Newest First) |
| Daniel Griffiths |
Posted - 22 January 2010 : 11:27:52
Hi
You do not repossess this debt after discharge, your liabilities to both the business and the property are diminished upon discharge. There is no need to transfer shares as they are wortless anyway if the business eventaully fails your husband may also need to go bankrupt leaving the creditors to appoint a trustee to liquidate the business if they wish to do so. I have presumed it is a limited company you both have. |
| Steve Thatcher |
Posted - 22 January 2010 : 10:59:11
Hi you talk of a business and shares, so I am assuming that the business is limited.
As such your shareholding would be an asset in your bankruptcy. As you and your husband are incolved 50/50, I am also assuming that you are a Director. You should be aware that as a bankrupt you may also not be a company director during the time which you are bankrupt. You should take steps to rsign this position before you are made bankrupt.
You say that the business is likely to fail. That being the case it is likely to have little or no value. Owner managed businesses are very difficult for the OR to value, as they are ofetn lifestyle business. If the business is to fail, there will be no value on it. You may wihs to get this clarified by your accountant. If there is no value, you can transfer your shares for their nominal value to your husband. You will need to set your prior involvement on the business out at section 1.17. If you do not pass over the shares they will need to be set out in the assets section with a nominal value ascribed to them. If the shares are transferred there is a section on the form that you can fill in which gives any other information and you can set out details of the transaction here.
Hope this helps.
Steve Thatcher
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| gettingoutofdebt |
Posted - 21 January 2010 : 14:46:19
I can't help with this one as I really don't know much about businesses and BR but will push it to the top of the posts so one of the professional experts takes a look.
If no-one answers then give one, or both, of the following companies a call:
Reviva UK: http://www.revivauk.com/
Jones Giles - http://www.jonesgiles.co.uk/
They both post on this board and are highly respected so you know that you will be getting good information from them. |
| RHB |
Posted - 21 January 2010 : 14:40:28
Yes, for you to come of the mortgage he would need to remortgage inhis sole name. Could he do this & would he do this? |
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