i was made personally banckrupt last month and though I have a hearing for annulment, as the paperwork presented, to the court did not reflect the situation, I don't hold out much hope for a favourable result simply as I have to represent myself. I am self-employed and have been working on a project due to be signed next month for £14.5 million. that said my question is i have a Spanish residency, i was wondering what's stopping me starting an SA company in Spain and trading in the UK? There is so much advice out there telling me what i can't do but nothing about what i can do!!!
What are the grounds for annulment? Mistake or payment in full?
As a bankrupt you are not allowed to be involved in the formation, promotion or management of a company without the Trustee's permission. So even if the company was based in Spain you would be defaulting on this provision.
Best thing to do is pursue the annulment. If it is based on mistake, then try and find a lawyer to represent you as this is a specialist area of the law and to be honest people representing themselves are rarely successful - and if you win you will get costs awarded to you.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.