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Blair
Starting Member
27 Posts |
 Posted - 09 June 2009 : 15:03:44
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| My ex has ltd company, could you please tell me what will he need to do to keep going after bankruptcy. Will he need to dissolve company and set up as sole trader? The same business? There are personal guarantees. Thanks |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 09 June 2009 : 16:55:00
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Hi Blair
Based on his situation, the personal guarantees don't become his personal responsibility until the ltd company cannot pay. His best bet would be to put the ltd company into liquidation, and when the debts from this have been crystalised, petition for his personal bankruptcy.
There is then no reason why he cannot trade as a sole trader in bankruptcy. He must not take any assets, equipment etc from the ltd company unless he pays for them at value.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 09 June 2009 : 21:53:02
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Suzanne is absolutely correct
you need to sort the Ltd company out first so that the PG's don't come back to haunt you.
If the Ltd company has assets then it will be able to pay to have it liquidated and I would suggest speaking to Jones Giles because they can certainly help here.
If however the company doesn't have assets of £3,000 or more then there is a different way to approach this
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Blair
Starting Member
27 Posts |
Posted - 12 June 2009 : 09:35:44
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| Thank you very much for your replies, very helpful. |
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man in a box
Starting Member
1 Posts |
Posted - 27 June 2009 : 12:53:09
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Hi,
I've also got a business that is now starting to struggle. There are three directors in the company. If several of the sales we have lined up fall through we will most probably wind up the company. There is a small debt of about £5k owed to suppliers, credit cards and HMRC (which will be paid first).
There are also some directors loans into the business of about another £5k. This can be written off so it's not a major problem.
Any PG's we have will be paid but there is one question I have that i've not found the answer too. If we wind up the company, will the current direcotrs be able to become a director of another company straight after? Will the personal credit rating of myself or any other the directors be effected by this?
Can anyone answer this? |
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Topic |
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Ltd co to sole trader after Bankruptcy?
