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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 GetBackUpAgain[/i] [br]Hello folks, Hope someone can help a little... I'm a Director of a Ltd company my wife and I set up (my wife is the other Director) and I'm thinking of declaring bankruptcy (not my wife - she has no debts in her name). My *personal* debts are: 32k credit cards 3k bank overdrafts Up until now i've tried to keep on top of things, hoping for the business to finally take off and pay everything back via a decent salary. That little dream hasn't happened. And i'm effectively insolvent, as the company is still not capable of paying anything more than a nominal salary, while I'm still borrowing to try and make ends meet. I'm resigning as a director of the Ltd company and passing all shares (which have zero value) to my wife, as she believes she can turn the business around without me in the way (and she's probably right). My wife has no debts at all. And I don't want anything I choose to do to affect her - or my son - adversely (or the Ltd company) due to my personal failings, should I choose to declare bankruptcy. Note: the reason I am looking at bankruptcy is on the back of research into its pros and cons versus the IVA alternative...I have no actual assets to lose beyond a 10-year old car and some dignity. So what I need to know, if I declare myself BR, is: Is there any effect on the Ltd company (or my wife) based on having recently been a Director? (There is no company overdraft, loan, or anything like that - just very minimal funds in the company bank account) Would I be allowed to be employed as, say, a programmer - or at least work voluntarily as one - in order to help my wife initially on the technical side with taking over the company as sole director? (if she wanted my help). I understand sales is out, but where is the line drawn when in this situation? I don't want to tread on toes and do the wrong thing. What proof do I need to provide of being capable of solvency *after* bankruptcy? I'm *very*, very fortunate to be helped by family and friends in terms of living expenses until feet get back on the ground. So certain expenses (like rent) will initially be traded against help around the house etc. What must I do to ensure bankruptcy wouldn't be rejected? What are acceptable ways to fund the bankruptcy fee? Can any part of it be funded through existing credit taken before making the final decision? (I don't have much available during the next few weeks beyond tax credits). Hope some of that makes sense. And huge thanks to anyone who's taken the time to read this far and consider responding. It's really appreciated. Regards, Ajay [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.