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steve austin
Starting Member
United Kingdom
4 Posts |
 Posted - 07 December 2010 : 13:02:48
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Hi All
Any advice would be appreciated please.
I have been in an IVA for 3 years but for the last year I have had it frozen as I had no income to continue. My payments were £750 per month. My wife was the same but we thought it best if she went BR which is now all done and she is no longer Bankrupt.
This was because I had a construction firm and all my customers went bust leaving my Ltd company with debts and it could not survive. All the debts had personal guarantees and they came collecting. Bank took our house and all our stuff, cars, money everything.
So no point weeping about it we got up dusted ourselves down and started again. We rent a house now. Basic car for the wife. No holidays but tick over in life. But thats not how I want it to be.
The IVA payments are going to want to start again. £750 per month I cant afford. I started a small construction company Ltd so that we could get some work into survive. I am the only director and it only has basic assets furniture, £2k in bank etc
Can i resign as director add my wife who is all sparkly clean and myself go BR and then work for my wife. Will the OR try and shut down the business so that we are back to square one again.
Can I operate as a sole trader and will the bank let me have a basic business account SANTANDER.
I just feel the roof is falling in on top of me and dont want to make the wrong decision but just sick of worry and feel cheated as i ran a good company and the B*****ds all went bust and i lose my home and good name.
I am still an entrepreneur and have drive and ambition and dont want to sit around for a year waiting till a BR is over or wait for the IP to petition me.
Help please
Steve |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 07 December 2010 : 15:56:47
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Hi Steve
unfortanlty a lot of trades people are suffering a very similar story to you.
with contuining to trade through bankrptcy it can cause some challenges, I would suggest speaking to Paul at Reviva,(one of the experts to the left) his team have helped a number of trades people and started them a fresh.
If not handled properly (Ltd Companies, personal BR and contining to trade) can get very messy.
lots of top Entrepreneurs have been through the mill AND recovered, with the right support and guidance so can you.
good luck Richard
(also a recycled entrepreneur) |
Edited by - Richard P on 07 December 2010 15:58:30 |
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steve austin
Starting Member
United Kingdom
4 Posts |
Posted - 07 December 2010 : 17:12:53
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| Thankyou for getting back to me on this. I will contact Paul |
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gettingoutofdebt
forum expert
2418 Posts |
Posted - 07 December 2010 : 18:48:33
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| Speaking to Paul is good advice as you will need to do things 'by the book' as it were. There is nothing stopping you from working for your wife if she were the director of a company but it is something that is better to plan ahead rather than rushing into and having problems at a later date. |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 08 December 2010 : 11:45:46
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Hi Steve,
Your situation is the same as a lot of builders I dealt with as an examiner, i.e. customers they did a lot of work for only for the customer to go bust leaving a huge shortfall.
As for the company, if you did go bankrupt then you probably know that you would be prohibited from being a director whilst an undischarged bankrupt, however as your wife has been discharged from bankruptcy there should be no reason why she couldn't be a director, whilst you resign as a director( form 288b to companies house) and become an employee in the company. This would be perfectly legitimate, and the OR shouldn't close the company down if your wife was director, because if you were bankrupt, and an employee the company wouldn't come in to it.
You could operate as a sole trader, but purely as a builder plying his trade. You would be allowed to keep your tools of the trade as they could be exempt from the proceedings, as they would be needed for your work.
As for a business account, that would need some asking around, as one of the restrictions in bankruptcy is that if you apply for credit of £500 or more you must tell the creditor that you are bankrupt.
Big Al |
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