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Posted: Mon Sep 19, 2016 10:17 am
by hypnomonkey
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
Posted: Mon Sep 19, 2016 12:09 pm
by Michael Peoples
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.