My wife and I are going BR soon (once we've figured out the forms )
Our business is also going bump - will the OR look into our business as part of our BR or will we have to file separateley for the business - if so to whom and how.
I've had feedback that if we have ceased trading for 3 months then we can apply to our creditor (we have only one) to be struck off @ Companies House but who looks into the business in terms of activity / loose ends etc?
Cheers
Tim
What doesn't kill you makes you stronger (I hope ;-)
The OR will still want to look into the business side of things to make sure they are satisfied that there was no wrongdoing.
Also by looking onto the business side they will be able to see - I assume - where all of your money has gone because it is quite normal for individuals to support a business in its development etc.
So the oR would not be suprised to see you use personal credit to manage personal outgoings and debt repayments if you were unable to draw an income from the business.
You should also check to see if you have any Personal Guarantees for the business debt which would follow you into your own personal Br.
You will have to file for Br separately
Paul Johns Assisted Bankruptcy Specialists Reviva UK
I understand that to be struck off you have to have ceased trading for 3 months and then have the creditors agree to this.
After that do you just apply to Companies house - what about any outstanding admin such as accounts, tax etc etc - as we will be going bankrupt to we have no money to pay what is estimated @ 7K owing in income tax - could this be a custodial matter?
Ta
Tim
What doesn't kill you makes you stronger (I hope ;-)
You need to write to the Ltd company creditors advising them that there are no assets in the business ( useful for you to draw up a list of assets & creditors so they can see the situation).
You then need to give them notice that the company has ceased trading and that you intend to strick it off unless they would like to pursue a winding up petition themselves ( this costs them money ).
assuming they do not object then you can go ahead and have the company struck off at companies house)
this is not a custodial matter
Paul Johns Assisted Bankruptcy Specialists Reviva UK
Personal vs Business Insolvency
Posted - 15 January 2009 : 11:07:52
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- will the OR look into our business as part of our BR or will we have to file separateley for the business - if so to whom and how.
