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SATAL
New Member
United Kingdom
50 Posts |
 Posted - 05 March 2011 : 07:37:54
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I tried CAB but they said they could not help me.
I'll keep posting on here and will try contacting the experts as well. Thanks all! |
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 07 March 2011 : 14:42:35
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Hi SATAL,
having read your brief account of how you've used the credit cards, this can be explained by the fact that, there has been a downturn in the industry, plus competition from competitors has led to cash flow problems. To overcome this, you have availed(a favourite word of my old OR!)yourself the use of credit to keep trading, in the belief that trading would improve, however with no improvement in sight, you decided to stop using credit, and trading to prevent the situation becoming worse.
To be honest you won't be a candidate for ED, as by the sounds of it, you were trading whilst insolvent, but by being honest and up front with the OR, and as long as your liabilities aren't excessive(over £100k) no ED would be no bad thing, but it does depend upon your trading position over the past 3 years, plus what is your position with HMRC?
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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SATAL
New Member
United Kingdom
50 Posts |
Posted - 08 March 2011 : 11:49:55
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Hi Big Al, sorry for the delay in replying..my computer, with great timing has died, so I'm having to go to the library to get on the internet.
Your post has scared me rather! I am still trading..I don't see how I could not if I am to earn any money. I was told that i should stop trading the day I become bankrupt and start trading again the day after. Is this incorrect?
My liabilities are approx £60k. I owe HMRC approx £650 from the last tax bill due 31.1.11. This is the first time I have been in arrears with them in 17 years of trading.
I am even more scared and worried than before now and am getting desparate. Is it possible to call you directly as I can't get on the internet easily to access the forum?
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SATAL
New Member
United Kingdom
50 Posts |
Posted - 08 March 2011 : 11:51:37
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| Or can i email you direct? I am able to access email but not the internet. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 08 March 2011 : 12:13:37
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Hi Satal, most of the professional experts, including Bigal, have contact details in their signature.
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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SATAL
New Member
United Kingdom
50 Posts |
Posted - 09 March 2011 : 18:26:14
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| Can't seem to make contact. Can anyone else help in answering this? |
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debtinfo
forum expert
2826 Posts |
Posted - 09 March 2011 : 18:41:28
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| you are free to trade before and after the bankruptcy but you should not be using credit now you have decided to go bankrupt |
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SATAL
New Member
United Kingdom
50 Posts |
Posted - 09 March 2011 : 18:53:33
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| Thanks for that. I have stopped using them now..I last used them about a month ago. I have not started BR yet..still working on the forms. How long should I leave it before I go ahead? |
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debtinfo
forum expert
2826 Posts |
Posted - 09 March 2011 : 19:33:06
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| Whenever you are ready to proceed, what sort of business is it, do you hold stock, expensive tools of trade or a trading premesis |
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SATAL
New Member
United Kingdom
50 Posts |
Posted - 09 March 2011 : 19:53:43
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| Make-up artist. I have tools of trade but not of great value, no stock or premises |
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debtinfo
forum expert
2826 Posts |
Posted - 09 March 2011 : 20:42:20
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| then nothing should be taken off you business wise, waht about a website, do you have one of those |
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SATAL
New Member
United Kingdom
50 Posts |
Posted - 09 March 2011 : 20:46:45
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| No, haven't been able to afford it! Though it would obviously be good for business so I hope to in the future |
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debtinfo
forum expert
2826 Posts |
Posted - 09 March 2011 : 20:57:37
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| cant see any problems then, just remember to tell HMRC that you are starting business again after the bankruptcy date |
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Topic |
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Is it correct that the OR may refuse a BR
