hi
i am thinking of going BR next month .
I will obviously have to step down from being a Director of my company ,but wondered what future role i was allowed to play in the company after BR,the company only consists of one further person who will step in as the new director.Does a Ltd company have to have a secretary and a director ?
All help appreciayed
kind regards kevin
Whilst you are bankrupt, you are not allowed to be engaged in the formation, promotion or management of a limited company, but you can work in one as an employee. You can act as a Company Secretary, so if there is someone available to step into your shoes as director this could work until you are discharged from bankruptcy.
Don't forget that your shares will be deemed a personal asset in the bankeruptcy, and will have to be sold if they have any value.
Have you taken advice from anyone? Speak to an IP as soon as possible on your personal circumstances. Visit www.iva.com for reviews on relevant IP's
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.
If you are thinking of BR and want advice, I recommend you phone Paul Johns of Reviva who posts on here and is a bankruptcy expert. His details can be found under the expert link on the left hand side of the page. The advice will be free.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
