We have a limited company my wife and I as directors. It is insolvent and we want to file for bancruptcy. The Forms we have downloaded (Statement of affairs and Debtors Bancruptcy petition) dont seem to deal with the assets of the company rather than ours, is there another form?
As far as I am aware the only forms available are the 6.27 and 6.28 forms. There are some regular posters here that also had businesses so hopefully they will be able to advise.
Normally if you have a business and declare BR you will have a face-to-face interview with the OR and you can go though any assets, accounts, etc. then.
There is a useful publication on the insolvency service web site(insolvency.gov.uk). Go on the web site, click on the publications tab at the top, then click on dealing with debt. You will then see a publication: "How to wind up your own company" which is in PDF format.
Former insolvency examiner with the insolvency service.
The company is treated differently to you as individuals.
If the company has significant assets then it can be wound up - this however can cost thousands of pounds.
If you are going through personal insolvency as well ( due to personal debts, and possibly personal guarantees ) then there is another option that can tidy up the ltd company and make life as easy as possible for the Official receiver in your personal situation.
Over the last 2 years the number of people going through personal bankruptcy due to a struggling business is on the rise - we have certainly seen this many times this year.
Read the forms on the insolvency website and then I would suggest you give one of the forum experts a call to chat through the processes.
Paul Johns Bankruptcy Specialists Reviva UK www.revivauk.com 08454 751 851
Forms dont seem to deal with assets of company
Posted - 14 September 2010 : 12:52:08
