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T O P I C R E V I E W
sdb
Posted - 28 February 2009 : 20:09:36 I have a small independant estate agency and after a terrible year I/we are in a large amount of debt and am looking at bankruptcy. If I am made bankrupt will my business be closed and/or as a sole trader can I continue to trade? Greatly appreciate any advise. Many thanks Simon
2 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 28 February 2009 : 20:35:23 hi
you should also consider that if you have a leased premises that the lease will pass to the official receiver .
This may actually be a godsend as I know of many estate agents who are now only in the newspapers and internet.
I'm reasonably sure that, whilst being a sole trader does not restrict you from continuing to trade post bankruptcy, there are certain professions which are excluded from this.
As I understand it you can work for an estate agent but you cannot run your own agency. Rather like you can work as a solicitor but cannot run your own practice.
Therefore, if you are married or have a life partner, or a 3rd party ready to oblige for the matter, and they would not be declaring bankruptcy, they could set one up and employ you as PAYE.
They could even take over the running of yours and then employ you but beware. For this any assets must be paid for by the new owner and I have no doubt that your trustee in bankruptcy would put a price on your trading name which the new owner would have to meet. So maybe better to start a new business with you as an employee.
