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malcolm
Junior Member
170 Posts |
 Posted - 08 July 2008 : 16:49:53
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We are currently trading in a business partnership,
not a Ltd company.
If we became personally bankrupt could we still trade as a partnership We are personally insolvent but the business partnership is fine, would the partnership creditors be affected by our personal bankruptcy?
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John
New Member
United Kingdom
73 Posts |
Posted - 08 July 2008 : 21:32:24
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Hi Malcolm
If you have no business debts then you may continue to trade once Bankrupt |
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melanie_giles
Senior Member
1191 Posts |
Posted - 09 July 2008 : 00:44:58
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Sorry - not correct. The effect of bankruptcy on a trading partnership would be to dissolve the partnership - and as you say you have partnership creditors then of course you have business debts which would need to be included in yoru personal bankruptcy estates as well.
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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John
New Member
United Kingdom
73 Posts |
Posted - 09 July 2008 : 11:15:00
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Hi Malcolm
sorry, I should have been more specific, the partnership you have been trading under will indeed be dissolved if both parties become BR. However, you will, with the permission of the OR, be permitted to trade either under a new partnership or as sole traders.
If you do continue you must trade under the same business name as before so that creditors and clients alike will know that it is you.
You would not be permitted to trade under a different name.
I know, I've been through exactly the same process myself.
In your case, and as the business is doing well, there would be no logical reason for the OR to deny the option.
There other aspects to consider without which I would be unable to comment further. These are to do with the extent of the current business liability and assets of the business.
I hope this helps and sorry if my summarised response confused you. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 09 July 2008 : 17:50:59
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Hi Melanie,
I'm afraid I have to agree with Assist here. I've handled a few cases where a business partnership was involved, and not one was dissolved as a result of BR.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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personally bankrupt , business partnership is fine
