I really need to go bankrupt as 1 business is dragging me under by the day but my other little business is doing ok. Can I transfer this into my friends name without any recourse once I am bankrupt? It's only been trading for 1 year and doesn't show an official profit so could it be classed as simply off loading a potential liability? Please help, time is running out.
There is no need to do this if you are a sole trader. You can just carry on trading the successful business after bankruptcy. The business will only be effected if there are high value assets involved, but even these could be excluded as tools of trade, or if stock could be bought back from the OR.
as per our conversation I don't believe that bankruptcy is the right route for you and every effort needs to be taken to avoid the HMRC petition.
In terms of carrying on as the cafe the Official Receiver would have an interest in the lease and I am sure would want to take posession of the assets, kitchen equipment, tables & chairs etc etc which would be sold at auction.
Transfering a business
Posted - 01 September 2009 : 17:39:38
