All Forums  New Questions  Forum Questions  Personal Vs Corporate Debt

Note: You must be registered in order to post a reply.
To register, click here. Registration is FREE!

Screensize: 640 x 480 800 x 600 1024 x 768 1280 x 1024 UserName: Password: Format Mode: Basic  Help  Prompt  Format: Font Andale Mono Arial Arial Black Book Antiqua Century Gothic Comic Sans MS Courier New Georgia Impact Lucida Console Script MT Bold Stencil Tahoma Times New Roman Trebuchet MS Verdana   Size 1 2 3 4 5 6   Color Black Red Yellow Pink Green Orange Purple Blue Beige Brown Teal Navy Maroon LimeGreen Message: * HTML is OFF * Forum Code is ON Smilies [quote][i]Originally posted by jimbo9991[/i] [br]Hi everyone, Another royal dumbass here, finally coming around to facing the problem. I was contracting for 3 years as a limited company and through a combination of poor timing, poor management, poor accountant(!) and general stupidity I'm now getting a bill for 50000 (new accountant reckons it will total this, 35000 owed in ltd company and 15000 owed personal liability). Now, I realised that I was getting deeper in the hole so I no longer contract and I have a PAYE job on a fraction of my former earnings. I have an apartment (with my wife) that is worth less than the mortgage outstanding. I own a motorcycle worth hardly anything (<1000 stg). No credit cards or other debts (apart from a loan I took out to service a previous HMRC demand) which has ~10000 outstanding on it. So, my question, is it possible to declare bankruptcy (company and personal?) since my only debtor is HMRC? I will not be able to live / pay bills pay existing loan and pay off this amount in less than 10 years or so (total bills Vs monthly income). I no longer live in the UK, I wonder how would this affect things? My overwhelming shame at my situation is constantly there and I would dearly love to make things "right" and yet feel like I'll be carrying a cannonball about with me for the rest of my life. Also huge guilt in my failures to my wife. She does know about my situation (what a relief when I came clean about my situation!). These are emotional things, but it feels good to unload a bit of it. Appreciate your comments, especially from anyone in the same boat (HMRC debt and/or no longer resident in UK). Thanks in advance..... [/quote]   Check here to include your profile signature. Check here to subscribe to this topic.