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hammy0107
Junior Member
399 Posts |
 Posted - 05 June 2008 : 19:37:15
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I have recently sold shares in a business and i have £10800 cash just waiting to be handed to the OR. Problem is that by selling my shares and resigning as a director i have taken a huge drop in salary. I really reckon i can manage on my new salary in future but this being the first month on my new salary i am struggling. I had already committed to a service for my car which has been done today, unfortunately i also need new tyres. I am now left without any cash to get me through the next 3 weeks. If i was to use £300 of the money from my shares is the OR going to get annoyed? I really am trying to this right but can't see any way of getting through the month without dipping into this money. Thoughts and advice please. |
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m and v
Average Member
United Kingdom
760 Posts |
Posted - 05 June 2008 : 20:37:49
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Thats a tricky one hammy!
The oR can't expect you to live on fresh air yet I understand your concern at dipping into this money.
Afraid you'll have to wait for one of the BR experts to answer this one!
Vicki x |
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hammy0107
Junior Member
399 Posts |
Posted - 05 June 2008 : 20:54:15
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Thanks for responding Vicki.
Experts????? |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 06 June 2008 : 10:16:49
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Hi Hammy,
I would suggest discussing this with the OR. The fundamental issue here is that the OR cannot do anything to stop you from working. As you've realised over £10k to give them, I don't think they'll be too bent out of shape about you using £300. Talk to them first, but I don't think there will be an issue.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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hammy0107
Junior Member
399 Posts |
Posted - 06 June 2008 : 11:33:37
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Thanks Julian,
I haven't actually gone bankrupt yet so haven't got an OR to report to. The OR right now does not know who i am never ming how much money i can get together. What i am worried about is showing where it has gone, basically i have had £11 1/2k however out of that i have had t pay for a valuation and pay for the BR fee itself. I am sure (well actually i hope) the OR will understand that i have to use some of the £11 1/2k to pay for these two things but will he understand if i say that i also had to use some to live on???? £11 1/2k to start with but now only £10 1/2 to put into my estate, how ill taht look? I am desperately trying not to get a BRO / BRU. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 06 June 2008 : 12:17:01
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Hi Hammy,
In your case, if it's only about £300 you need, i would say use it and you shouldn't have a problem. It is unlikely you'll get a BRO/BRU if you have valid reasons for the expenditure, which you clearly do. The fact that you will still be handing over £10k will put you in a fantastic light with the OR.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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hammy0107
Junior Member
399 Posts |
Posted - 06 June 2008 : 12:26:23
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Julian,
Thank you again for your speedy response.
'Fantastic Light' do you really think this will look good for me, even taking into account the large amount of debt (£100k)? |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 06 June 2008 : 13:32:23
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Hi Hammy,
You'll be surprised. these days, even £100k is not a spectacularly large amount of debt. most people in your position would try not to pay the OR anything, so the fact you've been proactive and kept the money for them would put you in a great position.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Topic |
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Strapped for cash, what do i do????????
