All Forums  New Questions  Forum Questions  I have no money for OR. Bankruptcy?

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Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by verystressed[/i] [br]Hi, I have been sitting on the sideline for the last few weeks while my situation plays out and reading some of your very helpful posts. I am hoping some of you can help. Here is my situation: 4 years ago I started a business selling goods. It started off well and good. Over that time markets changed, recession kicked in, I had my supplier throttling me, damaged stock, late stock and loss of clients due to some of the latter reasons. I thought I could trade through and eventually I saw no way out. I was between a rock and a hard place. In this time, the last two years I traded I was trading as technically insolvent, although I was still paying myself dividends of most months (thinking that I could trade through and pay this back). I tallied up a VAT bill of around £64,000. I declared the company insolvent in Feb this year, hired a insolvency practitioner to help with the insolvency - paid him his dues and cleared all creditors except for the VAT man. He explained that the OR will definitely come after me for the illegal dividends to the value of around £70,000. He also mentioned that he should be able to get me to pay around £15,000-£20,000 to draw a line under this issue. This all seemed ok to me at the time. When the moment came for me to offer a settlement amount, I offered £10,000-12,000 over 8 months. He mentioned this would be turned down, so I offered £15,000 over 6 months at £2500 per month. It was mentioned this should be enough. After having a good look at my assets (properties and other Items I own with my partner) with my current income, the £2500 seemed impossible to pay over 6 months and would be in a negative standing of -£350 per month (even before I start paying the £2500 per month!). I also went through ALL income and expenditure with an accountant, property valuations in a realistic market, equity, two Charge Orders on the property, loans etc. It looks like the OR if they had to make me bankrupt would not make a penny. It seems it would cost more to bankrupt me. Has anyone experienced this whereby you have no money as all were to be sold off? I will be sending this detailed report to my insolvency practitioner. I don’t mind going bankrupt, as I have nothing to lose anymore and am tired of all of this. What are my options? What are your thoughts? Any help would be appreciated. Very Stressed. [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.