Hi all sorry to ask another question but you are all so helpful!! My business looks like it is in trouble. I have unsecured debts for it in my own name not the business name. Someone has suggested that if I register as a LTD company I would not be in so much trouble personaly. But I am sure the debts would still be mine because they are still in my name and not the business name? Am I correct in this or would becoming LTD help the situation?
You will never be able to switch over personal debts into the limited company, without the express agreement of the creditors concerned, which is extremely unlikely. But you might want to continue trading as a limited company into the future, if your business is largely profitable.
If continuing to trade is important to you, have you considered whether an IVA might be a sensible way forward?
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
Hi thanks for both your replys. The debts are mainly with the banks in my name. The main problem I have is the rent on the shop it is £2700 a month thats without any rates etc. I could probably cope without going bankrupt if it wasnt for the shop lease that doesn't end untill next Feb. If the shop continues to be so quiet the only way out of the lease as far as I can see is to get someone to take over it which I doubt will happen or file for bankruptcy
Sorry another question!!!
Posted - 18 May 2008 : 13:25:57
