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NeedHelp
Starting Member
United Kingdom
1 Posts |
 Posted - 22 October 2010 : 18:33:45
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I am self employed and will need to file for bankruptcy, but wish to carry on trading.
I do not have a personal account. I have a business account as a sole trader and a joint account with my wife.
I need to know what will happen to my accounts when they are frozen, how I can get paid by my clients - currently I have a mixture of cheque and BACS.
Will my business and joint account be frozen? Is there another way to trade?
I was considering setting up a limited liability partnership. Would I still be allowed to trade through the partnership with a partnership account?
Last question - If somebody else makes me bankrupt, would my account get frozen before I know about it? |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 23 October 2010 : 15:20:42
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welcome to the forum
all accounts except some Basic ones will be frozen and or closed upon BR.
COOP cashminder basic account is the safest one to have and use pre and post BR.
officially the COOP account is not for business use but a lot of elf employed do use it as their personal account and have things paid into it via BACS and pay cheques in but only in their name not a business name.
it is very likely that the business and joint accounts will be frozen so it is best to sort it out before BR not after!!!!!!!!!!!
being a director of a LTD company is not allowed whilst BR. or being a shadow director.
potentially yes because by the time you receive the letter following the court date that you would have been informed of that made you BR the OR may well have contacted the banks and claimed anything in them for the creditors.
Get some specific advice it will likely save you a lot of grief and worry..
personal insolvency with a business is a little bit more involved. i know of 1 guy whose OR interview was 3.5 hours face to face because of his business interests.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurhman)
RevivaUK and Paul Johns helped me through it all i can't recommend them enough!! |
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verbatim
Starting Member
United Kingdom
18 Posts |
Posted - 24 October 2010 : 12:20:12
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| I was made bankrupt in March 08 by HMRC but I knew that it was inevitable for a few weeks beforehand so I opened a bank account with the Natwest with no apparent problems, although I didnt use it at that time apart from putting a fiver in. On the day after my BR I rang the Natwest and was up front with them and again there were no problems, obviously I couldnt have (and didnt want) an overdraft or credit card, just a basic account with a `Solo` debit card. After my interview with the OR (a month after the BR), they froze my Natwest account for a week as I`d been using it as a business account and they couldnt understand where the £2000 had come from, but after I supplied them with copies of invoices to back it up they were ok and unfroze it. At the time of my BR I was self employed and employed two people, both were made redundant. Because my trading name was actually my own name I carried on as normal or as normal as I could do under the circumstances. One of my employees was my son, we carried on working from the day after but as partners. |
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Housing
Senior Member
United Kingdom
1399 Posts |
Posted - 24 October 2010 : 15:11:48
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Hi
I had two interviews - one was two hours, the other was 10 hours!! Hey ho - I think the 10 hour is a record...!!
I am self employed and have a Coop Cashminder A/C - it is fine - clients pay me by BACS/CHAPS - I pay my bills by the card and I am doing fine - 6 months after the event!!
If you have concerns - post again here - someone will be able to assist - speak to one of the experts - we are on the left hand side - suggest maybe Reviva for the type of questions you have posed.
Good luck - you will get through!!! 
Richard
"There are no problems - only solutions" |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 24 October 2010 : 16:52:28
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It would be worth a chat with one of the experts - their contact details are at the side of the page and any of them will be able to help you.
Good luck, and please keep posting.
View my blog at http://skippy13.blogs.iva.co.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.
Last IPA payment made on 28th June 2010 - it's over at last! |
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Need bank account advice.
