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| paul63 |
Posted - 01 February 2010 : 19:20:44
does it make any difference if I am declared bankrupt by a creditor or if I pay and declare myself insolvent,either in the short term or in the future?
Also to reduce the amount of disposable income I have after BR is it legal for my partner to set up a limited company and having me as an employee on an average wage? |
| 7 L A T E S T R E P L I E S (Newest First) |
| Richard P |
Posted - 02 February 2010 : 20:48:05
Hi again Paul
If HMRC are taking you to bankruptcy, they will more than likely petition in the high court.
you will receive notification through the post and then have time to respond and then make contact with OR
I was speaking to Ken @ reviva he has recently helped to take a cameraman through bankruptcy and he managed to keep most of his expensive cameras and he is still covering the top football games.
would suggest a call to them or one of the other experts
regards Richard |
| gettingoutofdebt |
Posted - 02 February 2010 : 13:10:19
Answered in the other thread. |
| paul63 |
Posted - 02 February 2010 : 12:43:05
I have another burning question which I've heard many conflicting answers about and, that is, what will be the ORs stance on my vehicle being an essential tool of trade and allowing it to be ommited from my assets.
I work in film and tv and travel extensively throughout uk and europe at short notice and to remote and hard to access locations.
I own 2004 4x4 pick up with 166000 miles on the clock, worth,if I was really lucky no more than £5000.Just in the last 6months I have been required to work over new year in Oban throughout the coldest and snowiest winter for years as well as pembrokeshire where I was needed to tow a heavy generator off road and onto beaches.
More often than not it is stacked with rigging gear,tools,wet weather gear and anything else the production require for the lighting rig.
I fear that a limit of £2500 would seriously risk my availability to work other than close to home for fear of breakdowns , reducing my earning ability and eventualy my ability to pay something back.
Would the OR look sympathetically and allow me to keep the vehicle as I really dont think 2500 would buy a 4x4 of much standing and would no doubt be a liability doing 15-20000 miles a year
Any thoughts?
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| gettingoutofdebt |
Posted - 02 February 2010 : 11:57:08
HMRC are a company that will declare you BR so you could probably save yourself the BR fee and wait until they declare you BR if you aren't in a rush. |
| paul63 |
Posted - 02 February 2010 : 11:06:02
Thanks to all who have taken the time to post replies, very helpful. I've been looking at the site for a year or so with much indecision,
but after a meeting at the county court last week with HMRC,I have realised their demands are going to be the straw that breaks the camel's back.
Looks like I'm taking the plunge next month. I'm sure I'll have lots more to ask, nice to know you are all here with advice.
Many thanks
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| gettingoutofdebt |
Posted - 02 February 2010 : 06:47:54
There is no problem with your partner setting up a limited company and employing you.
When you are BR you are not allowed to be a director of a company so if people have a family business they transfer the directorship to another family member and they just become a normal paid employee.
Having said that if you are trying to reduce your amount of disposable income just to avoid an IPA then this will be frowned upon by the OR. The OR will investigate the 6-12 months prior to BR very closely and look into you finances during that period. If you have gone from earning £5k a month to £1k shortly before declaring BR but are, in reality, doing the same job then questions will be asked. |
| Richard P |
Posted - 01 February 2010 : 22:38:06
Hi Paul
cannot answer question about limited company
declaring Br or having creditor do it, by allowing a creditor to make you bankrupt you have lost control of the process.
some creditors will threaten and threaten before making you BR or deciding to give your file to another debt collection company. process then starts again, if you have multiple debts you can only receive so many letters, phone calls or personal visits before it starts taking its toll on you and loved ones around you.
good luck on the choices in front of you
regards Richard |
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