DRO and Ltd company question

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hypnomonkey

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Post by hypnomonkey » Mon Sep 19, 2016 10:17 am
i. Does anyone know if I can apply for a DRO if I have any involvement with a Ltd company? I am not a director, the company is purely used as a membership as such to run the outgoing costs between 5 members. We are all sole traders and no earnings or profit is run through the Ltd company. Hope that makes sense. Thank you in advance for any help
 
 

Michael Peoples

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Post by Michael Peoples » Mon Sep 19, 2016 12:09 pm
You cannot be involved in the promotion, management or setting up of a company without permission from the court so this could be a problem. You should possibly speak with one of the registered intermediaries for more complete advice but I certainly would have doubts. For a DRO you need to have little or no surplus income and assets of less than £1,000 so the company's value would also be taken into account.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
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If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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