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Matthew.hr
Starting Member
1 Posts |
 Posted - 29 July 2013 : 20:03:25
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Hi myself and my wife bought the freehold of a shop and flat in Feb this year, we have rented the flat and moved our business into the shop.
The renovations/fees cost us a great deal more than we expected, we were also given some bad advice on our old shop lease which means we are now in dept from renovations, paying a mortgage and a lease on an empty shop.
Few factors:
The business was originally in my wife's name with both of us as directors, now the "new" business is in my name with both of us as directors.
My wife takes a minimal wage from the business, I take nothing (I am employed elsewhere)
In terms of property, I own a car, we rent a flat and we do not really believe in material wealth so have no valuable goods as such.
just wanted to know what would be the repercussions of my wife (as we believe she would be the obvious choice) declaring bankruptcy?
Kind regards
Matthew |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 30 July 2013 : 09:38:25
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Hi and welcome.
What sort of company is it? If it's a limited company then you can't be a director whilst bankrupt or be involved in the management of a company.
Have a chat with one of the experts who post on here. The contact details can be found on the left hand side of the page. The advice is free, alternatively, visit the CAB for some help.
You can also visit the Insolvency Service website:
http://www.bis.gov.uk/insolvency
The friend in my adversity I shall always cherish most. I can better trust those who helped to relieve the gloom of my dark hours than those who are so ready to enjoy with me the sunshine of my prosperity. – Ulysses S. Grant
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Viki.W
forum expert
United Kingdom
2211 Posts |
Posted - 31 July 2013 : 10:31:46
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Hi Matthew,
As Niobe has said, you really need to discuss this in detail with an expert as your current business could be at risk.
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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Repercussions of bankruptcy ?
