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Graham.tn
Starting Member
2 Posts |
 Posted - 07 October 2010 : 08:41:33
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Can you tell me the different uses and when to use, forms 6.27 and 6.28 as opposed to forms 16 ,17 and 18 ??. My wife and I are partners in a business for accounting and tax purposes but we also have personal secured and unsecured debts/loans/mortgage/cards etc.Newport court have told us that we need to fill in forms 16,17, and 18 to file for bankruptcy and we are not sure that this is correct. also be grateful if you can supply costs details ie do we have to pay as individuals or a 1 of for the partnership ??
Many thanks Graham |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 08 October 2010 : 01:06:16
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As you are a partnership, you need to file a form 16 partnership bankruptcy, with 17 and 18 being the individual partners bankruptcy, can be a bit more complicated than a straightforward debtors bankruptcy, for which you might need some professional advice.
If you're petitioning under the insolvent partnerships order 1994, it may be only one fee, check with the court.
By winding the partnership up, and declaring yourselves bankrupt, it ensures the OR or trustee can deal with partnership assets(if any)
Big Al |
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Graham.tn
Starting Member
2 Posts |
Posted - 08 October 2010 : 09:07:52
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Hi and thanks so much for the reply
Can you enlarge on "might be more complicated" as the forms seem much more straight forward than 6.27 and 6.28 ?? To help I should explain we have chatted by phone with an insolvency practitioner who advised us both to go bankrupt individually, We cannot afford to speak to him again to clarify the forms in question.To assist, our history is this,According to our accountant we are trading as a partnership for tax purposes etc.However,recently because originally only I was going bankrupt we changed our BANK ACCOUNT to a SOLE TRADER account in my name only. There are no business assetts of any value,we have a bank OD of 20k, a joint mortgage for 230k and 3 loans in my name only 1 joint loan plus 1 business and several personal credit card debts.
We have a court appointment for next wednesday and would be grateful if anyone can confirm the best way forward. Also can we choose to use forms 6.27 and 6.28 instead, if we wish ?? We are waiting to hear back from the court re the costs for filing as a partnership but think We saw somewhere it was £420 plus the court fee.
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debtinfo
forum expert
2826 Posts |
Posted - 08 October 2010 : 17:06:36
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The forms for a partnership are 14, 15, 17 and 18, What the judge signs to grant the Order is form 16 (hence them commonly being known as a Form 16 partnership)
As bigal has said this would mean that both of you are made bankrupt and the partnership is wound up.
You can do 6.27 and 6.28 yourself but this sould mean bankruptcy for just you to and nothing would happen with the partnership. So the question is does anything need to happen with the partnership, if there are no assets then the answer is not really. |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 10 October 2010 : 11:06:26
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The partnership forms are as you say less complicated than forms 6.27 and 6.28. So if you did go down the route of a form 16 partnership order, both partners would then be sent what are known as PIQ's(preliminary information questionnaires) by the OR for your personal liabilities, plus a partnership PIQ for the partnership, which is similar to one that a company director would fill in for a wound up company, hence a bit more complicated than the 6.27 and 6.28.
So if there are no partnership assets to be dealt with, and as debtinfo said, the form 16 order may not be neccessary, as forms 6.27 and 6.28 are easier to complete than 2 questionnaires.
Big Al |
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Can you clarify the uses of different forms ?
