Absolutely not! Your bankruptcy is personal to you and no one should be able to come after your wife to repay your debts. However if any of the debts are in joint names then each of you is jointly and severally liable.
as long as you have no shareholding in your wife's company then that company, and her income from it, is safe except for the fact that the proportion, if any, of her income which goes towards the essential household expenditure would be included for the purposes of considering an IPA/IPO.
With her company being safe in that respect, it is also possible for her to set up a new company and have you as an employee to continue working in your particular field. Alternatively, your wife could purchase your shares in your company, be appointed a director and you resign as a director of your existing company pre your bankruptcy.
The condition here is that when purchasing your shares the true monetary value of those shares must be paid to you and evidenced. If there are no assets and no obvious share value then technically your wife could purchase them for a nominal fee but you should always be aware that whilst there may be no obvious assets on which to base a share value, even the trading / company name itself can be considered an asset of value by the trustee.
If I bacame bankrupt and my company shut down
Posted - 07 April 2009 : 14:57:01
