I have a company which no longer has any assets except for a lease liability for a business premises, the said lease is guaranteed personally by me and the unpaid rentals have now mounted up by more £70,000, I personally do not have any property or major assets to my name and i was thinking about going down the bancruptcy route and needed advice on 1. would it be the right thing to do in my situation 2. Whats the proceedure 3. Do i wait for the creditors to file or shall i declare BR myself 4. If the company is declared bankrupt first will the creditors file for my personal bankruptsy as well
Hi Mr R, I try not to give out advice only information. as regards your questions. 1)This is something you need to get personal advice for. The CAB and CCCS give out free advice as do some Insolvency Practitioners. Some also charge, your choice depending on the level of help you need. 2)The procedure is that you fill out a petiton and a statement of affairs which you can obtain from your local county court. You then arrange a date from your local county court and pay your fees. On the day you may or May not have to see the judge. The only thing you have to show is that you cannot pay your debts as they fall due. 3)Either is possible but it is usually quicker if you do it yourself.(of course then you have to pay the fees). Normally creditors are reluctnat to make you bankrupt if you have no assets to take. 4)Not Nessesarily, You and the company (providing it is limited)are seperate legal entities, which means that you are treated completely seperetally.
thinking about going down the bancruptcy route
Posted - 08 July 2009 : 14:14:07
