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verbatim
Starting Member
United Kingdom
18 Posts |
 Posted - 09 March 2009 : 09:48:03
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Although I`ve not had it in writing yet, I have been made bankrupt in the last few days by the revenue and customs. The mortgage is in joint names with my wife but the house has been valued at the amount owed on the mortgage and secured loan, I have no peronal assets to speak of and two children living at home but over 18 (them not me!). The thing is I have (or had) my own business employing myself and 2 employees one of which I made redundant last month and one I intend to carry on employing - he is my son. I also owe money to two banks - the Tsb and Halifax plus a couple of trade suppliers. I have been in touch with my accountant to inform them and they are in the process of applying on my behalf to start a new business with a new vat number as this is what I`ve been told I have to do.
I`ve heard conflicting reports as to what happens next eg the official reeivers - when do they contact me and what will they want to know? Is it true that they will want all of my business details (books, invoices, statements etc) but for how long - I`ve been self employed for 19 years. Will they also need to write to everyone who owes ME money? I`m concerned that me being bankrupt will severely affect my business... |
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Suzanne
Average Member
United Kingdom
869 Posts |
Posted - 09 March 2009 : 10:25:53
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Hi verbatim
The OR will contact you very soon after the bankruptcy order is made. They will want to know all about your business in terms of assets, liabilities and whether it is profitable, so they will want to see your last few sets of accounts and want all your paperwork after this to see what happened since the last accounts were done. They will contact the people who owe you money as this is an asset in the bankruptcy.
You are now unable to pay any of your creditors, and you should not as it could be an offence in you are prefering one creditor over another.
You will have to 'sack' your son, but you can re-employ him under the new business.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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leakie
Junior Member
United Kingdom
158 Posts |
Posted - 12 March 2009 : 07:00:31
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Hi all
Your son will be able to claim redundancy from a government fund They are based in Watford,
How much he will get will depend on his age, if he was in an apprentiship, and how long he was employed for,
all the best
Leakie |
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verbatim
Starting Member
United Kingdom
18 Posts |
Posted - 14 March 2009 : 10:57:16
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The plan is now to carry on working which the o/r have allowed and Ive been advised by my accountant to go into a 3 way partnership with my wife and son. I`ve got to have the stock in the back of my van valued next week and I might have to buy it back from my `old` business - the actual van is only worth £800 max so hopefully that will be a tool of my trade.
Basically though there is no equity in my house (which is in mine and my wifes name) I`ve no savings, no assets to speak of apart from the business and tools of my trade which should make me around £30,000 a year after tax but I need virtually that much for general living expenses so I`m not sure what will happen when I go to the o/r meeting in just over a fortnight. I`ve got a car thats registered in my name but my wife has proof that she paid for it, even so its only worth around £1500.00.
I`m now on the insolvency register so I`ve gone public. It does say on my file on the site that I will get an automatic discharge after 12 months - should I read anything into that as I have heard of people not getting discharged for 3 years or more?
Thankfully everyone who owes me money has paid up to me so that will be passed onto the o/r and saves them writing to them (apart from my main supplier of work who I`ve told anyway).
I`ve informed the people I owe money to that I`m now bankrupt before the o/r gets chance and suprisingly they were pleased that I`d let them know - one company even thanked me as it would save them the cost of taking me to court.
Apart from the obvious stuff, something that has annoyed me is the amount of telephone calls and letters I`m getting offering `help`. Plus the other day some bloke actually had the cheek to cold call and inform my wife that `..I`m not sure if you know yet but your husband has been made bankrupt and you could lose your house...` she already knew of course but unfortunately she didnt get his name or reg number of his car - it can`t be legal can it?
Any thoughts would be welcomed... |
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John
New Member
United Kingdom
73 Posts |
Posted - 14 March 2009 : 11:11:05
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Hi
you will be discharged from bankruptcy automatically on the 1st anniversary of the date the bankruptcy order was made, or possibly sooner.
I'm afraid these people study the insolvency register for potential business but it is not illegal to do so as it is obviously a matter of public record.
John White
England Jackman & Spacey |
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verbatim
Starting Member
United Kingdom
18 Posts |
Posted - 14 March 2009 : 16:53:01
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Thanks John
Does an automatic discharge mean that I wont have to pay anything more to the o/r, even if the value of my house goes up etc?
Also, if I can only earn enough to cover my living expenses, and have no assets and no equity, what does that mean as far as what the o/r will want from me as a monthly payment?
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John
New Member
United Kingdom
73 Posts |
Posted - 15 March 2009 : 17:46:02
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Hi
once you are discharged you are free from the unsecured debt.
The OR has up to 3 years to see how the property market is going and at any time in that period can force a sale. However if your BI has already been purchased from the OR then that is it.
An IPA is payable if you are found to have more than £99 DI per month after paying for all reasonable living costs.This is payable for up to 3 years but is flexible and can be reviewed if during the 3 year period you circumstances change in respect of your I&E.
John White
England Jackman & Spacey |
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verbatim
Starting Member
United Kingdom
18 Posts |
Posted - 15 March 2009 : 18:32:51
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So I could end up paying a monthly payment to the OR even after I`m discharged?
I`ll have to take up smoking 60 a day I think... |
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Although I`ve not had it in writing yet,
