Considering Bankruptcy

[ppidan]

Dear All,

 

I wonder if you can assist.

 

I was inolved in a partnership that basically went south, the senior partner ended up getting the boot leaving me saddled with debts of around £24k

I tried to re work these debts however a down turn in business resulted in additional debts of around £30k being incurred with HMRC for PAYE. Coupled with my personal debts I think i ower nearly £90k

 

I do own a house with my wife however we are seperated, that said there is a secured loan on the property under my name so i know that for my part of the property there is negative equity. I currently live in a different property which is rented.

I have no real concerns on the house front due to the equity minus the unsecured element still leaving the house technically in negative equity on my side.

 

The area I am interested in is that my wife owns the Ltd company I am involved in, I used to be a director but stepped own in July and now technically just do Sales, the day to day management and running of the finances, suppliers etc falls under my wifes remit as sole director.

 

My questions are :-

 

should i be concerned about my PAYE role in the company? obviously my wife does not have an issue with the bankruptcy but will the official receiver? could they stop me from being involved in the company as it is a husband and (ex) wife team?

 

Will the Official recieve visit my rented home?

 

We have a business bank account under the company name for which i have a card (it is a ltd company) will the bank be notified?

 

We do not have joint personal accounts so i presume it is only my account that will be frozen?

 

Are there any areas that I should be concerned about may have been an easier question!

 

Thanks

[sequenci]

So long as you are not directly involved with the running of the company you should be OK.

 

It's unlikely that you'll have a home visit unless there is something that causes SIGNIFICANT suspicion. Most people only ever speak to their OR via the telephone.

 

If the bank account is in the name of the firm I can't see why the bank would not notified but I'm not 100% sure on that one, sorry.

 

It would only be your bank account that would be implicated.

 

Re; the property, it should be OK. It's likely that the OR will take a look at the properties value in a little over 2 years time and decide what to do with the property at that stage.

 

Hope this helps!