I run a limited company with assets for running the business. If I am made personally bankrupt what happens to the company and its assets. Can I make my wife director and become an employee ?
One of your bankruptcy restrictions is that you canot be a director of a company whilst bankrupt. There is nothing to stop you making your wife a director and resigning yourself. You still have to earn a living so you could work for your company. However, please remember that you do not want to earn so much money that you end up giving most of it to the OR on your bankruptcy.
All the best
John Blackadder Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk.
Also it is an offence to be a shadow director for someone who is disqualified. So if your Wife is capable and willing and will make ALL the decisions regarding the direction of the company then it is fine for her to be the director, if you are just putting her name down and continuing to run it yourself then it is not
What happens to company if I am made personally bankrupt ?
Posted - 22 June 2011 : 07:03:59
