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T O P I C R E V I E W
Henryspcs
Posted - 17 September 2009 : 23:09:39 Hi all. I have my court date set for the 24th of this month but need a little advice first...
I have a Ltd co. that is currently in an agreement with investors/creditors to collect in all monies owed and distribute it back to them. I'm taking no money myself but am paying a collector to do this.
What are the consequences of me going bankrupt and how will it affect the business (which has now ceased trading)?
Also...the company has just got a CCJ for late accounts...how will this affect me?
Many thanks Henryspcs
3 L A T E S T R E P L I E S (Newest First)
debtinfo
Posted - 18 September 2009 : 21:02:11 The business is its own legal entity and can be put in the hands of a liquidator or administrator. Whilst it is preferable to wind up the company before the bankruptcy it is not neccessary. You have to do what ever is best for your personal financial situation not that of the ltd company
Henryspcs
Posted - 18 September 2009 : 11:13:00 Thanks Debtinfo.
The Ltd Co still needs to be run though...it isn't actually trading anymore, but money is being collected in to pay creditors.
I'm not sure what I should do or will be allowed to do.
debtinfo
Posted - 17 September 2009 : 23:13:58 Once you are bankrupt you will not be able to act as the director of the company in any way, Company debts do not affect you unless you have personally guaranteed them
