I have a company, been running for apporx 18mths and I have my own affairs which amount to around £65k in unsecured credit, I also have 4 properties with potentially £20k in equity between them as selling now would mean I would prob lose on some properties if they even sold. Also have an ex-employer who is taking me to court at the moment for £17k I think its around £7k owed but thats another story. Anyway can I keep the company going, transfer in to girlfriends name at all?
As we speak my credit is very good all paid on time etc and I could prob last for a few more months, maybe even a year depending on court case, what crippled me is that £30k of the unsecured debt went upto 17.5% so I am paying £400 just in interest, ridiculous can anything be done about that? Its with Northern Rock.
I am also a Mortgage Adviser and after doing £70k a year I will be lucky if I do half that at the moment, which is still good but outgoings are £3500 a month income is £1500 - £3000 so can't last forever.
Have been offered a job abroad, so thought was go Bankrupt in UK work abroad for however long then maybe come back and get into what I do but would have to be at a different level, i.e not a co. director, or could I be a co. director in the future?
You can act as a company director at any time so long as you are not an undischarged bankrupt. If you do declare yourself bankrupt, you will usually be discharged within one year of the date of the bankruptcy order - so if you are going to work abroad by the time you return you should be find to set up a new company.
Given that your affairs are rather complex - it might be an idea to have a chat with an insolvency practitioner just to be sure that you are fully appraised of all options that are available to you, and the effects that bankruptcy is likely to have both now and into the future.
You can continue to trade so long as the company is not insolvent. Transfering ownership/directorship to a girlfriend is probably not a clever thing to do as you could still be caught as a "shadow director" Seek advice (normally given free) from an Insolvency Practitioner both on your corporate problems and your personal finances. Give them full information. Visit www.iva.com for reviews on IP's. Good luck
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
