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steve austin
Starting Member
United Kingdom
4 Posts |
 Posted - 23 January 2011 : 22:42:17
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My wife and I are both Directors for our small building company.
Due to debts I will be removing myself as a director and become bankrupt.
Can I still work for my wife and will the OR try to close the company. It has no assets or value and is only a start up company.
Can i also have any money I earn paid into my wifes account while I am BR until I can open an account |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 23 January 2011 : 23:50:08
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Hi Steve,
As you have stated you should resign as a director of the company, which is done on a 288b through companies house, which your accountant should be able to deal with.
Yes you can then work for your wife and essentially be an employee, the OR will not seek to close the company down just because a director is declaring bankruptcy, unless any of your debts are PG's for the company.
If you have no bank account, then your salary can be paid into your wife'saccount, but you might try the Co-op banks cashminder account, and move to it before bankruptcy.
Big Al
Insolvency examiner with the Insolvency service from April 2008 - July 2010.
If you need help completing SOA's(statement of affairs) or PIQ's(preliminary information questionnaire) if you've been declared bankrupt, or anything else and you're within 30 miles or so of Warrington, then please contact me via my contact details in the expert page for futher details"
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 24 January 2011 : 10:04:38
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If the Co-op isn't one of your creditors I would definitely recommend the Cashminder account. You can only apply for it on the phone or in a branch, but it's an excellent account.
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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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 24 January 2011 : 12:06:45
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Hi Steve
Make certain that it is a clear break from company and your current role.
it can get very confusing if the OR believes that you are a shadow director.
speak to one of the experts directly just to make certain that you have everything in the right order.
regards Richard |
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steve austin
Starting Member
United Kingdom
4 Posts |
Posted - 30 January 2011 : 20:25:56
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You lot are fantastic.
I have taken your advice opened an account with Co-Op so easy and did not make me feel like dirt.
I am no longer a director and now work for my wife as a self employed contractor.
Seems strange but I actually am looking forward to my BR and getting rid of all that debt which was caused by all our customers going bust on us.
I have been looking at this forum for about a year and in a way it is so comforting that in here you are not judged and can talk openly. |
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Going into BR and working for Wife
