I have an impending court case with an old employer, and if we loose(there are 2 other directors involved) will owe a considerable amount of money that will probably lead to us being bankrupt. I was looking if there was any way I could protect my family home as I have 2 young children and was wondering if you could help? Many thanks
Hi Nick Very delicate subject as if you were to go bankrupt and it was seen that you had hidden or disposed of assets at an "under value transaction" then these actions could be overturned by the Official Receiver.
As Brett says it would be useful to advise us exactly what your current situation looks like and what the other liability is likely to be.
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
There are other options that you can consider, either an Debt Management Plan or an IVA.
If there is no equity in your property then Bankruptcy may not effect your home but we need to know more details you need to post more details first.
You also say that "2 other direcotrs" i assume you were a director, are you a director at your new company ?
Also, why is the case at court, has the company you worked for gone into liquidation and there has been the possibilty of wrongful trading or is it being investigated for other reasons ?
any way I could protect my family home ?
Posted - 12 March 2008 : 15:41:45
