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pattie x
Starting Member
United Kingdom
12 Posts |
 Posted - 15 March 2011 : 00:12:34
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Hi
When my husband telephoned Co Op bank regarding opening basic account,
he said he was being made bankrupt and a sole trader, she told him she would put him through to business department, before he could object, found himself talking to a guy who said, if he was sole trader and had cheques paid in not from employer but customers, Co Op may shut him down, as it is not for business use.
I told my husband that other sole traders do use this and I telephoned Barclays and said my husband self employed (no difference I think) and was told should be ok.
Not one of them would say if to do it before or after bankruptsy.
Husband now has bad back and would like to get another self employed person to help with heavy digging etc (builder).
Someone has suggested that I should have a ltd Company and employ my husband and one extra man Have accountant, I would then have more control (lost my home because of business).
I am very involved with the business arranging planning/surveyors and building control visits etc. Do not want the OR to think doing anything underhand as my husband will show all old accounts but the restrictions for Public Liability Insurance, Deposits we ask for materials costs to be to be paid on order, so that we can pay for everything needed on site. Thinking they may not allow us to do this. This week we had to pay upfront for steel beams for loft conversion which were £3,000 insisited upon by Engineer and Building Control. We dont really want to tell our customers that my husband is bankrupt.
So:
Bank accounts before after?
Sole Trader paying in customers cheques?
Ltd Company?
Head about to explode.
Any advice appriciated
Pattie x
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 15 March 2011 : 08:41:42
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Hi pattie
i would suggest bank account month or so before he declares BR
LTD company may get complex he cant be shadow director, as you have typed with previous threads and experiences LTD company can be dangerous if not planned properly.
speak to a couple of the experts and ask if they specialise in ltd companies.
Richard
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Bigal4787
forum expert
United Kingdom
641 Posts |
Posted - 20 March 2011 : 23:30:55
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Hi Pattie x,
Are you, or are you in the process of bankruptcy/winding up yourself? or is it just your husband? and how did you lose your house? the more info available, the more informed the answer can be.
But in relation to the bank account, it's preferable to open another account(Co-op, etc) before bankruptcy, and have any direct debits in place, otherwise if it's left until after, he could end up having money paid into a frozen account, then the delay and problems caused by not being able to access money for bills etc.
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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