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acm
Junior Member
United Kingdom
274 Posts |
 Posted - 28 April 2010 : 20:46:10
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Hello everyone
It has been sometime since I have been on here.
Some advice if you can please. I was discharged from bankruptcy back in Jan 2010. I have recently been approached by an old friend who asked me if I was interested in going into a business venture with him and his wife. They have bought a food business and wish me to manage the whole operation and will support me while I support the staff. It is an existing business and very profitable. My friend has fronted all the money for buying the business but wanted me to run it as he feels he needs someone he can trust with all the money (turnover approx £700K per annum and all cash). He said he would make me a partner in the business, pay me a good salary and give me 20% of the profits with no financial input myself. This is an excellent opportunity for me but I came crashing down to earth the other day as one of my tasks was to search out business insurance. Immediately, it was flagging up if any of the partners had been bankrupt either personally or professionally. Put simply if the answer was yes then we could not have cover. My friend has told me he has instructed his solicitor to take my name off any business agreements which show me as a partner/director of the company. This has obviously upset me and I am asking if anyone has any answer as to where I can get business insurance and still keep my position as a director of the business.
Many thanks for your help.
ACM |
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InsolvencyQandA
Starting Member
United Kingdom
10 Posts |
Posted - 28 April 2010 : 21:24:27
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ACM
Did you apply for your Certificate of Discharge when you were discharged in January 2010.
This prooves that you no longer bankrupt and under the restriction of Bankruptcy.
As a resently discharged bankrupt it may be dificult obtaining financial products such as insurance and you may have to pay a larger premium but there will be providers out there who should meet your needs. It may just be a case of shopping around until you find a provider.
Good luck! |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 28 April 2010 : 21:38:25
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If you printed off the extract from the insolvency register showing that you are discharged then a lot of companies will accept that rather than having to pay for a certificate of discharge.
Good luck finding insurance, and please let us know how you get on as it could be useful to other posters x
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
34 IPA payments made, 2 to go - not long to go now! |
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acm
Junior Member
United Kingdom
274 Posts |
Posted - 28 April 2010 : 23:42:49
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Hi
Thanks for your input. I do not think it makes any difference proving i am no longer bankrupt. Their key wording was 'Are you or have you ever been bankrupt' I find it so strange that I can get car insurance with no problems but business insurance is a no no! This effectively denies anyone becoming a partner/director in a business even after they have been discharged from bk.
Anyway, if anyone hears of a company or group that will grant insurance then please let me know.
Many thanks
ACM |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 29 April 2010 : 09:09:51
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We had problems getting contents insurance as even though it was in my partner's name a lot of companies want to know if anyone living at the property has ever been BR.
I don't know what they would be like for business insurance, but we finally got contents insurance with Lloyds.
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
34 IPA payments made, 2 to go - not long to go now! |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 29 April 2010 : 09:37:11
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Hi
We have insurance in my name and my wifes (who is not BR) and we use the following forms:
Co-operative - no problem with BR and allows monthly payments
AXA - in my wifes name - no problem - monthly payments
We also have motor insurance with Saga as over 50!!
Good luck - you may want to try a local broker, Richard
"There are no problems - only solutions" |
Edited by - Housing on 29 April 2010 09:37:45 |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 29 April 2010 : 10:17:47
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That's odd, Co-op wouldn't let me pay for my car insurance monthly! If I renew with them again this year I'll ask the question - I didn't want to push it last year as I wanted my £75 cashback!
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
34 IPA payments made, 2 to go - not long to go now! |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 29 April 2010 : 15:10:20
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Hi Skippy,
Hope that you are well.
Seems to be a bit irregular to me!
Why can they do it for one and not another?
regards, Richard
quote:
Originally posted by Skippy13
That's odd, Co-op wouldn't let me pay for my car insurance monthly! If I renew with them again this year I'll ask the question - I didn't want to push it last year as I wanted my £75 cashback!
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
34 IPA payments made, 2 to go - not long to go now!
"There are no problems - only solutions" |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 29 April 2010 : 16:00:26
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That's what I thought! I'm presuming it was my credit rating, although I do seem to remember something about my address at some point so I don't know if that had anything to do with it.
Like I said, I didn't want to ring them as I'd done it through Quidco and I was getting £75 cashback - luckily Bank of Uncle lent me the money!
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
34 IPA payments made, 2 to go - not long to go now! |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 29 April 2010 : 16:09:42
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Can you let me have your uncles telephone number and/or address please?
R
quote:
Originally posted by Skippy13
That's what I thought! I'm presuming it was my credit rating, although I do seem to remember something about my address at some point so I don't know if that had anything to do with it.
Like I said, I didn't want to ring them as I'd done it through Quidco and I was getting £75 cashback - luckily Bank of Uncle lent me the money!
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
34 IPA payments made, 2 to go - not long to go now!
"There are no problems - only solutions" |
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sjbyron
Average Member
United Kingdom
746 Posts |
Posted - 29 April 2010 : 16:11:43
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HI
Barclays will offer you business insurance, but you have to ring up and go through the application over the phone, that way they can over-ride the system when Bankruptcy comes up, you can even pay monthly
I did that when I applied for Business insurance with them as self employed
Best of Luck
Stu J Byron |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 29 April 2010 : 16:17:32
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 Housing!
I don't know what I would have done without him, my partner and my mum as they have bailed me out more times than I can count. When my IPA is finished I fully intend to take them all out for a meal!
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
34 IPA payments made, 2 to go - not long to go now! |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 29 April 2010 : 21:05:15
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Hi
I would be pleased to come with you for a meal - I have not eaten for ages!!
Have a great BH weekend, Richard xx
quote:
Originally posted by Skippy13
Housing!
I don't know what I would have done without him, my partner and my mum as they have bailed me out more times than I can count. When my IPA is finished I fully intend to take them all out for a meal!
View my blog at http://skippy13.blogs.bankruptcyhelp.org.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
34 IPA payments made, 2 to go - not long to go now!
"There are no problems - only solutions" |
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Topic |
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Business Insurance
