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jstar
Starting Member
3 Posts |
 Posted - 21 January 2009 : 12:03:08
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| I am a director of several companies (financial services & estate agency) that have ceased trading and have gtees outstanding. Due to the loans I have I am considering bankruptcy. How do I deal with the companies as I cannot be a director as a bankrupt. There is no money to appoint a liquidator. |
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Mr.E.Guest
Junior Member
United Kingdom
121 Posts |
Posted - 21 January 2009 : 12:34:12
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Hi,
We are in a similar position to.
As I understand it your company needs to have ceased trading for 3 months - you can then be "struck off" companies house. You can contact your creditors and if they agree then you should have no issue - if there are no assets it will not be worth them petitioning for BR as is will cost them and they will gain nothing.
With regards to a new business - we are in the process of starting again but as a sole trader.
FYI also Companies House has contacted us already to say that as we have not posted our accounts in December they are considering striking us off in any case.
Hope this helps?
Tim
What doesn't kill you makes you stronger (I hope ;-) |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 21 January 2009 : 18:39:16
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Hi
if you have a number of companies then you need careful advice.
Can I suggest you either speak to the helpline or an assisted bankruptcy specialist with company experience.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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mitsu8
Junior Member
272 Posts |
Posted - 22 January 2009 : 18:11:26
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| hi i am director of ltd co as well which is basically insolvent.today received a letter and have 7 days to pay a 44000 debt of which we have none.could anyone advise what the next course of action is for our creditors after the 7 days.we want to fold but are owed money end of jan.do you think thare would be enough time for them to do anything before end of the jan depending on what they decide to do.thanks |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 22 January 2009 : 18:18:55
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Hi
you really need to speak to someone to go over the whole picture and get some options in place for you.
Who is the 44k debt with, have they given you any statutory notices, are there any levies from bailiffs / warrant of executions etc etc etc
How much money are you expecting to be paid and is it definately going to be paid or are they likely to hold off if they get a clue about your issues?
There is always more time than you think but it needs to be managed carefully
Please make a call / email to someone who can go through your options and at the very least map out a path for the next 10 days.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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mitsu8
Junior Member
272 Posts |
Posted - 22 January 2009 : 18:31:38
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| hi the letter today says they are going for judgement whatever that means.we have money coming but that is to pay our workers.the debt is to a supplier but goes back 3 mths.as long as we can get paid all we owe then is suppliers but im worried they can somehow freeze our account before end of month.the money that is coming from is a major housebuilder we have worked for 5 yrs . |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 22 January 2009 : 19:06:01
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Hi
obviously it is important to be able to pay your employees and that is not classed as preferential treatment to creditors.
However you need to get to the payment point and control the situation.
Depending upon the creditor involved the last thing you need is for a warrant of execution following judgement - which is then bailiff country - before you are ready to control the whole situation.
Insolvency in not about panic but rather control, dignity and doing things in your time frame.
Again would recommend you speak to a professional used to handling CCJ's, N245 court forms and managing bailiff situations.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 23 January 2009 : 13:56:03
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Hi all,
You have to tread very carefully. If you have directors' guarantees, you will need to deal with the companies first (to establish your personal liability) before you go BR. Please call one of my colleagues on the helpline for some FREE advice (please see post entitled "HELPLINE").
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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mitsu8
Junior Member
272 Posts |
Posted - 23 January 2009 : 17:16:49
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| hi we have had some advice on our liabilities.could anyone advise how long a judgement takes for a creditor to get.the last letter we have received was that if we have not paid by today they will go for jugdement .does this take a day or week etc thanks |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 23 January 2009 : 17:33:05
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Hi Mitsu8,
I assume you're talking about a CCJ? It takes about a month from application to obtain (as long as the debt is not contested). You'll then have 28 days to pay before they can go for enforcement action such as bailiffs or a charging order.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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mitsu8
Junior Member
272 Posts |
Posted - 23 January 2009 : 17:36:26
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| hi thanks for reply.on the date of application would our bank account get frozen or when would this happen. |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 23 January 2009 : 17:37:49
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Hi Mitsu8,
If you're talking about a CCJ, your bank accounts will NOT be frozen. This can only happen if the creditor applies to the court for a freezing injunction.
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk
Don't forget the helpline on 0800 078 9367 |
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mitsu8
Junior Member
272 Posts |
Posted - 23 January 2009 : 17:48:28
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| hi the debt is to a major supplier of building materials and debt is 44000.is it a ccj they would be going for . |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 23 January 2009 : 19:50:57
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Hi
yes it is probably a CCJ , and when they get judjement unless you act and manage the situation they will probably enforce bailiffs.
Which company is it as certain building firms have a reputation for going for the jugular.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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mitsu8
Junior Member
272 Posts |
Posted - 24 January 2009 : 16:07:54
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| hi its wolseley group.the thing is we have had advice and there are no assets at all.we have a letter ready to go out to explain but we are waiting for some monies we are owed to come back first.this is why we are worried about account getting frozen.monies due in 2nd feb |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 24 January 2009 : 16:23:09
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I still think that you need a little more than just advice to make sure that the staff are taken care of properly, claim their redundancy fees etc and then deal with wolseley group ( brandon hire, bathstore, wiliam wilson etc etc )
You are trying to juggle a huge number of things at the minute - company, staff, business creditors, winding up company, personal stress, home, income etc.
This is an increddible stressful time and you probably need a little free phone guidance at the very least.
the offer is there if you need it
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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Topic |
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I am a director of several companies
