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introuble
Junior Member
United Kingdom
226 Posts |
 Posted - 03 April 2008 : 19:26:55
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Hi,
If I am self employed called Joe Bloggs Trading as XYZ Plumbing. Can I set up post Bankruptcy in exactly the same industry.
I believe I can but what can I call myself. I am looking at keeping my self employment going but probably coupled with evening work to try and keep living.
Additionally how will the OR view this. i.e. why did you not set up in evening work before hand. I have looked into this but the debt level is still pretty unmanagable.
Had a chat with my Creditors today. I have not even defaulted yet but would they listen not a jot. Tried to warn them.
Darren |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 03 April 2008 : 21:50:07
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Hi Darren,
Welcome to the forum,
One of the restrictions of Bankruptcy is that you MUST continue to trade in the same name as that which you were prior to your Bankruptcy.
So if you were Joe Bloggs Trading as XYZ Plumbing then you will have to continue trading as this.
The OR will look at your reasons for Bankruptcy and if evening work will bring in extra revenue then you could contribute towards your debts through the payment of an Income Payment Order or Agreement.
All the best,
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 03 April 2008 : 22:11:07
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Hi introuble
there may be other options rather than Br - especially if you have not yet defaulted on payments.
Are your creditors trade creditors or standard lenders?
Also what assets do you have? I assume you have a van - is so is it on finance or owned and what value is it.
Might be worth having a quick chat with Melanie to see if there is indeed a solution other than Br , but that would depend upon your realistic earnings.
I have many clients that have contined to trade post Br and there are some challenges but it is not the end of the world.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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melanie_giles
Senior Member
1191 Posts |
Posted - 04 April 2008 : 01:28:52
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You can only continue trading post-bankruptcy with the permission of your Trustee, and if you are going to need to use credit to purchase supplies or other services you must disclose your bankruptcy to the providers of such items.
As there is a general human right to earn a living, it would be unusual for the OR to deny you from trading, but do make sure that you clear this with them first. |
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introuble
Junior Member
United Kingdom
226 Posts |
Posted - 04 April 2008 : 08:00:29
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Hi All,
The business basically can be restructured in such a way that the tyoe of work I am doing does not require any credit. Just a few small purchases. Some may say that is how it should have been set up in the first place.
A quick question obviously at this present stage my situation is not good but I have this feeling that the Judge may not allow me to go BR. i.e. have I tried everything to get out of the situation. So what I am looking at now is trying to work evenings and then trying to do my current trade during the day and sleeping whenever. My proposal would be to try this for 6 months and then see where we are. Mt biggest concern about this is what if the positions worsens is this viewed worse by the OR. Also if I petition and do not get Bankruptcy to I get all the £495.00 back or do I forfeit that?
Also my Trading name is a Franchise name so there could be difficulties with that. Can I not call myself someone Joe Bloggs T/A New Name Plumbing but declare that to the customers? Do I need to declare it to my customers or just suppliers. Like I said Credit will not be required.
Darren |
Edited by - introuble on 04 April 2008 08:16:32 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 04 April 2008 : 08:47:01
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Hi introuble.
If you have a franchise I am confident that if you entered into a formal insolvency position - Br - then you would most likely loose the franchise. usually written into agreements to ensure that the franchisor doesn't loose control of the brand or business.
You definately ned to speak to Melanie about this and see what the options are - alternatively you need to have a mix of insolvency and turn around practical business advice.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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melanie_giles
Senior Member
1191 Posts |
Posted - 04 April 2008 : 09:24:43
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| Why do you feel that the judge will not make you bankrupt? And I agree with Paul that getting some alternative advice on insolvency and turnaround would be appropriate. Most insolveny practitioners are business turnaround experts as well, we're a bit of a one-stop shop really! |
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introuble
Junior Member
United Kingdom
226 Posts |
Posted - 04 April 2008 : 12:48:15
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Hi Melanie,
I have rung your office and asked if you could give me a ring when you get a minute.
Darren |
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melanie_giles
Senior Member
1191 Posts |
Posted - 04 April 2008 : 23:46:33
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| One of us will call you on Monday Darren if that is OK? |
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introuble
Junior Member
United Kingdom
226 Posts |
Posted - 08 April 2008 : 11:01:51
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Hi Melanie,
I am afraid I did not get a call yesterday. I have just tried ringing now and left a message.
Regards
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melanie_giles
Senior Member
1191 Posts |
Posted - 08 April 2008 : 21:40:16
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Sorry Darren - I have been out of the office all day and only just returned. I will investigate tomorrow for you.
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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introuble
Junior Member
United Kingdom
226 Posts |
Posted - 08 April 2008 : 22:44:22
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Hi Melanie,
Sory I should have posted a reply to say that Tina called me this evening to discuss.
she has given me a number of someone in your office to call tomorrow. |
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melanie_giles
Senior Member
1191 Posts |
Posted - 08 April 2008 : 23:42:07
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Great - when you call can you make it clear that you are a forum member looking for advice, and I will brief Suzanne to expect your call (I assume that Tina is referring you to Suzanne who runs my Bankruptcy department?)
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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Topic |
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Trading
