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crashmeplease
Junior Member
United Kingdom
172 Posts |
 Posted - 02 January 2008 : 15:09:44
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Hi, I'm looking to go into Bankruptcy because of my personal debts, however, I recently started a new new business venture (as a sideline to my main employment, ironically to help pay my debts!) with a friend of mine, where we set-up a joint a/c to keep finances for the business separate.
I have not personally invested any money into the business and it is a regular HSBC business a/c
I was wondering if the a/c would be frozen as I am one of the joint a/c holders?
Would I be better off removing my name from the a/c?
Is there potential the business would be affected/closed down?
Thanks for reading
Carl. |
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Johnny Debt
Junior Member
United Kingdom
265 Posts |
Posted - 08 January 2008 : 07:14:00
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| Is your new business a Ltd company? |
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crashmeplease
Junior Member
United Kingdom
172 Posts |
Posted - 09 January 2008 : 08:14:21
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No it is just a partnership, but we have already decided it would be a good idea to remove my name from the joint a/c, and will look to do this before I go bankrupt.
Thanks. |
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Johnny Debt
Junior Member
United Kingdom
265 Posts |
Posted - 09 January 2008 : 08:47:59
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I think you are going down the right path by asking questions.
Are you a property owner?
What is the business? |
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crashmeplease
Junior Member
United Kingdom
172 Posts |
Posted - 09 January 2008 : 15:12:59
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The business is photography. We do events/parties/weddings etc.
Yes I am a property owner, and I have little if any value in the property so it shouldn't be much hassle for a family member to buy that back, but at the end of the day it's not a concern if I have to give it up.
It is primarily just the business I am looking to protect, as I will remove my name from the joint a/c before going BR, and my debts are not related this shouldn't be of interest to the OR.
Thanks.
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Bankruptcy and Joint Accounts
