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johns
Junior Member
United Kingdom
269 Posts |
 Posted - 02 July 2008 : 20:31:31
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| insolvency in and decided to finish yje company on the 21st term ends i will not beable to pay my comittments can i declare myself bankrupt on the same day why should i wait to go in arrears |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 02 July 2008 : 23:27:32
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sorry I don't understand your situation
grateful if you can clarify
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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johns
Junior Member
United Kingdom
269 Posts |
Posted - 03 July 2008 : 23:42:17
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Sorry bit of a panic when i wrote.
It has been decided to wind my company up losing me personally 250k.I am currently up to date with all my comittments, however this changes once i have no income therefore do i make myself bankrupt and act responsible or do i have to wait for me to be in arrears.
Regards
John
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melanie_giles
Senior Member
1191 Posts |
Posted - 03 July 2008 : 23:44:32
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Are you winding the company up or is has one of the company's creditors petitioned for this?
What are you intending to do for employment in the future? Declaring yourself bankrupt right now may be a kneejerk reaction, and perhaps you should give yourself enough time to resettle before making that decision.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 04 July 2008 : 17:09:48
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Hi John,
Given your situation, I think it best you seek professional advice before embarking down any particular route. Brett England, Melanie Giles and Paul Johns can all help in this respect (contact them through the weblinks on the experts page).
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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johns
Junior Member
United Kingdom
269 Posts |
Posted - 11 July 2008 : 21:23:51
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Hi my business is being liquidated leaving me with personal guarantees for lease vehicles of approx 43k, secured loan of 42k, 25k,o/draft, a peronal guarantee with a supplier which i dispute figure of 130k.
My wife has started a new company and secured some of my business which is out of cotract so fair game, i have approximately 130k in equity on my house and my wife will be able to pay us jointly about 5.5k per month am i best going bankrupt and taking the debt i have personally lost 250k and i have been told i should not be struck off as a director to my absence as i had a serious operation and so the slide of my business. but personally its worrying me about personal br nothing about the company as that is all sorted
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melanie_giles
Senior Member
1191 Posts |
Posted - 11 July 2008 : 21:37:01
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If you declare yourself bankrupt, your interest in your property will vest in a Trustee who will have to realise this for the benefit of your creditors. Unless someone is able to buy out your interest - which is in the region of £60k unless you are the sole owner - then the property will have to be sold.
You may also like to consider the merits of a voluntary arrangement with your creditors, but this may also affect your property.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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johns
Junior Member
United Kingdom
269 Posts |
Posted - 12 July 2008 : 12:29:46
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i have been told that secured loans are outside the realms of br and if my wife pays the interest on the secured loan will the or let me stay in the house for 12 months once i have been made br so i can sort out new accomodation.
thanks for the useful advice |
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Topic |
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can i declare myself bankrupt on the same day ?
