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helenw
Starting Member
1 Posts |
 Posted - 20 November 2008 : 19:18:06
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I've got a limited company that has an overdraft of £165,000, secured on a property that I might reasonably get £250,000 for. I invested £100,000 pounds of my own money in the property. If I sell the house, withdraw my own investment, and then declare the company bankrupt, would I be absolved of the 15k difference? Or would I be expected to repay it from my personal funds?
Thanks! |
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pjm
Starting Member
United Kingdom
30 Posts |
Posted - 20 November 2008 : 19:55:12
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Hi,
Recently been in a similar position, however depends if you have other debts that the company has got. Thought we could do what you are thinking however not as simple as that. The OR when you go bankrupt will not favour what you have done if you have put off paying VAT, PAYE etc suggest you get some sound legal advice before you go down the route you want to do. Good Luck PJM |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 20 November 2008 : 21:42:02
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Hi
It sounds as though you are not declaring yourself Br but need to conclude a Ltd company in an appropriate way.
If the Overdraft is secured on the property then the security would need to be repaid first before you could withdraw your funds.
You wouldn't actually be able to sell the house wothout discharging the debt
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
For a Free Impartial Review before taking the leap call me @ Reviva UK
www.revivauk.com |
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John
New Member
United Kingdom
73 Posts |
Posted - 20 November 2008 : 22:50:30
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Hi
on a property of that value and £165K of DPG's secured against it, the chargee can be confident that once the property is sold the £165K must be repaid in full.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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I've got a limited company that has an overdraft
