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Phil.hy
Starting Member
2 Posts |
 Posted - 24 May 2012 : 12:35:35
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| can i stay a director of my ltd company if i go bankrupt? its a one man band company, withut it i basically cant work. |
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 24 May 2012 : 13:06:31
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Hi Phil,
Unfortunately you can't be a director of a limited company whilst bankrupt.
Can you do your work as a sole trader?
I suggest you contact an expert on here for advice and chat everything through.
Viki Warbrooke
Vincent Bond & Co
If you would like free advice on all options available and help with your bankruptcy petition please contact me at http://www.vincentbond.com/about_us_Viki_Warbrooke.asp |
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year 2029
Average Member
590 Posts |
Posted - 24 May 2012 : 18:03:12
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It will be down to the OR if you can remain a director.
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debtinfo
forum expert
2826 Posts |
Posted - 24 May 2012 : 18:15:49
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no not really, the bar from being a director is automatic and and an application of the law that needs no notice or decision to become enforceable.
BUT
There is one exception. what the law says is that you cannot act in the promotion, formation or management of a company without leave of the court. So you can make an application to the court to be a director but these are only granted in exceptional circumstances usually where the benefits are to someone else other than yourself. For instance an application simply so that you can retain your income is not likely to be accepted but an application if say you ran a care home and the residents might need to be rehomed if the business could not be run might be accepted as a valid reason.All down to the judge though. |
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year 2029
Average Member
590 Posts |
Posted - 24 May 2012 : 18:18:44
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| So, effectively down to the OR. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 24 May 2012 : 18:20:19
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No, it's down the judge by the looks of things. I would not think this company would fall under the information posted by debtinfo above.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
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debtinfo
forum expert
2826 Posts |
Posted - 24 May 2012 : 18:29:43
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| Very much not down to the OR, although the OR is an Officer of the court and certain decisions in insolvency proceedings are devolved to him/her, whether a person can remain as a director is not one of them, The bankrupt must make application to the court |
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year 2029
Average Member
590 Posts |
Posted - 24 May 2012 : 18:59:27
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From personal experience,
The OR made the decision about whether I could be a director or not. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 24 May 2012 : 19:03:30
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Does not necessarily mean that the same happens now. I rather think that debtinfo knows what he/she is talking about.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
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year 2029
Average Member
590 Posts |
Posted - 24 May 2012 : 19:05:24
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From personal experience,
The OR made the decision about whether I could be a director or not.
And that was the end of last year. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 24 May 2012 : 19:06:11
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Perhaps you were one of the lucky ones.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
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debtinfo
forum expert
2826 Posts |
Posted - 24 May 2012 : 19:06:48
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| what was that decision?, a yes or a no |
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year 2029
Average Member
590 Posts |
Posted - 24 May 2012 : 19:07:25
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Niobe, why the agressive 'tone' towards me??
This is supposed to be a forum, where people share experiences.
If people want 'exact' responses, with legal weight, they should seek 'professional advice'.
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year 2029
Average Member
590 Posts |
Posted - 24 May 2012 : 19:08:46
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| Hi debtinfo, the answer was yes, and that was to 2 companies. |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 24 May 2012 : 19:09:19
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I am merely voicing my opinion.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
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debtinfo
forum expert
2826 Posts |
Posted - 24 May 2012 : 19:11:08
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| so you are currently the director of these 2 companies |
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Topic |
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can i stay a director of my ltd company if i go bankrupt ?
