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timeforchange
Junior Member
Australia
171 Posts |
 Posted - 28 September 2007 : 13:29:07
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I would appreciate any advice please, we are livivng in Oz we have been here for 6 mnths and have been paying everything at home fine. I have a business which I currently have in the UK, due to a deal going sour there is no more income coming into the business which was covering our bills in the UK. This has been totally unforseen we now really have no option but to declare BR, we have a house with a secured loan there is about 30K roughly in equity, the bills are a lot more than that. We are not intending on ever living at home again but at the same time we are not running away either, is it right that we will have to comeback to the UK to file in the high court. Once again any advice really appreciated. |
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Johnny Debt
Junior Member
United Kingdom
265 Posts |
Posted - 30 September 2007 : 08:47:03
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1. What was/is your business in the UK? Even though it is failing, it may still have some value and could be sold on.
2. Is the business a LTD company?
3. Did you sign personal guarantees for any loans?
4. Have you done a personal full income and expenditure, to assess if BR is the best option for you?
5. What is the total outstanding debts personal and business? |
Edited by - Johnny Debt on 30 September 2007 08:48:47 |
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timeforchange
Junior Member
Australia
171 Posts |
Posted - 01 October 2007 : 11:13:18
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Hi there,
The buisness does not really have any value as it so no value in selling it on it is a Ltd company and the first time I took out an overdraft I paid it all back a few months later the second time I did not sign anything but I have read the schedule and the money is secured against me. The outstanding balance at the moment is 10K, the personal debt are over a 100K which includes the secured loan against the house in the UK. We have looked at everything that goes out and everything that needs to be paid into the UK, due to the buisness not receiving the income it was supposed to this is no longer feasible, debt never seems like debt when you have been servicing it for so many years with no problem at all. |
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Johnny Debt
Junior Member
United Kingdom
265 Posts |
Posted - 19 October 2007 : 07:34:13
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What was the business trading in?
Property with equity needs to be looked at closely before going BR. |
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