Is bankruptcy the right option for me as director of LTD company?

[toddle2u]

If it's not your asset and you didn't contribute to the purchase of it then the OR can't touch it

[toddle2u]

I have given you my views on this on your main thread. I don't think you'll be able to get a merchant account at all but would be pleased to be proved wrong on this. Business Bank account - think you will struggle with this as well.

[debtinfo]

who is the legal owner?

[dissapoined]

Hi I've currently had my house reposessed and know there is going 2 be a substantial shortfall, to which when the time comes I will prob have to declare myself bankrupt,I was just wondering what will happen to my van if I go bankrupt,its registered in my name although the finance is through my sister and I just pay her money every month,would they be able to take it off me even though the finance is in my sisters name? Any advice would be much appreciated.

[debtinfo]

What sort of finance, HP, lease, fixed sum loan,

 

Also how much is the finance and what is the vehicle worth.

 

Lastly have you made all the payments so far

[simon_71]

A few thoughts...

 

Depending on the type of finance, it could be that neither your sister nor you own the vehicle as title may not transfer until the last payment. Or never, if it is some form of lease rental. In which case the OR can't touch it because it's not your asset.

 

If the type of finance means your sister already owns it, for example, she took out an unsecured loan and bought the van with it, then it is still not your asset as it is clearly hers.

 

If ownership title is with your sister and the van has some substantial value, then the OR could possibly try and say that you are building an asset because each of your monthly payments allows you to own a bit more of it. Therefore you own a share of an asset and they will want the value of this share. In this case, perhaps you are mistaken and in fact your sister is renting it to you and has no intention of passing ownership to you so it is not and never will be your asset

 

Finally, the OR normally won't take tools of your trade, so perhaps your van is essential for your work? Neither will they bother with it if it has a relatively low value.

 

Hope that helps.

 

S

[platta]

If the van is used for your work they can't take it. Also the logbook (V5) states on the front 'this docement shows who is responsible for registering and taxing the vehicle, it is not proof of ownership' so you should be ok.

 

I went bankrupt May 2007 and the rule of thumb on private vehicles is you are entitled to a vehicle worth approx £2k; if you own one worth say £5k the Receiver can sell it, keep £3k toward your debts and give you the remaining £2k in order to purchase another vehicle.

[dissapoined]

Hi all thanx for replying,it is HP in my sisters name there's nothing stating I have bought it she's not a guarantor or anything like that,she got the finance for me as my credit rating was poor. I do use it for work, bought it for 7,500 with 3 years still left to pay.

[debtinfo]

the real question here is, how is she going to pay her car finance after you go bankrupt?

[dissapoined]

the real question here is, how is she going to pay her car finance after you go bankrupt?

 

My wife will be making payments to my sister,so she doesn't lose out so am I under the impression that they carnt take it as there is no roof of purchase with reguards to myself? My sister is just goin to say her partner uses it aswell as he is also on insurance policy.

[alongroadahead]

who is the legal owner?

 

A family member will be legal owner and me the registered owner, can the OR still take it? value approx £5k. does the OR do DVLA checks as routine then? just would like to know the legalities of the difference.....

[alongroadahead]

I have to inform companies house that I have ceased trading, what earliest date can i put on the form? (basically, i have been sick for quite a few months and not working) although a handful of small payments have been going through the business account to pay direct debits etc)......

 

Do i need to inform HMRC too?

[alongroadahead]

Hi, can anyone help me with this.....

[poplin599]

What form is it? that will enable people to help more.

 

Are you dissolving the company?