my company has been declared insolvent and i owe it £11 000.can i declare myself bankrupt in this situation as im in the position where i cannot pay my personal bills including rent. i also owe corporation tax of £4500. WHAT ARE MY OPTIONS AS IM SINKING QUICKLY AND DONT KNOW WHAT TO DO
Hello there and welcome to the forum - with regard to your questions - I take it that you have been operating a limited company? with regard to your financial positon - bankruptcy will only deal with your personal unsecured debt - it will not clear you from any company liability,(company debts) unless of course you gave a personal guarantee for your company borrowings - company debts remain company debts. If however, you have 'borrowed' funds from your company, and the company has gone into liquidation, the liquidator has a right to request repayment of this debt - this debt would be your responsibility and could be included in any bankruptcy if you were unable to repay it.
Apologies if this was not the response you requested - but i was not completely sure of your question - if i can be of further help please post again, Melanie
Melanie Nicholas CertDR 30 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
I'm sinking quickly and dont know what to do
Posted - 03 October 2011 : 15:39:27
