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doobie
Starting Member
United Kingdom
3 Posts |
 Posted - 29 March 2010 : 11:19:39
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| Is it possible to go personally bankupt and run a business as a sole trader? I just make a living, would my livelihood be affected or would i have to close down? |
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Daniel Griffiths
Junior Member
United Kingdom
268 Posts |
Posted - 29 March 2010 : 11:28:26
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| You would have to close down your business and start again with a new set of books following the granting of the order trading under your name only, |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 29 March 2010 : 12:20:31
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Hi Doobie
As stated, you would have to start again, although in reality in most cases the business just continues, but with a new start date.
You are entitled to retain your tools of trade in most cases but it depends on what you do as to how easy it is.
If you were VAT registered you would have to re-apply.
Whilst bankrupt, as Daniel said, you have to trade under your own name - not for example as ABC Plumbers, and you are restricted in the amount of credit you can obtain (if anyone will give you credit) which can make it difficult if you have to buy stock etc upfront
Obtaining credit also includes you taking deposits from customers so you do have to be careful, but in most cases it can be achieved quite straightforwardly depending on the type of business. |
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debtinfo
forum expert
2826 Posts |
Posted - 29 March 2010 : 18:24:11
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| Hi doobie, if you dont have a trading premisis or any stock then most self employed people are relativly unafected. |
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go bankrupt and still be in business
