Insolvency - cant stop crying

[Notfeelingfestivenow]

No idea where to start

DH's limited company is having to go insolvent. Lots of meetings with accountant etc have taken place & it's been agreed this is the lesser of 2 evils.

In effect I guess he is being made redundant?

He will lose his car (& therefore independence to a degree), landline & mobile phone.

I think I need to get the landline put into our personal names before the liquidation takes place because we won't be able to get any credit - does that sound right? Also will have to buy a car outright in cash? I think the company pension can be transferred.

DH wants to pay his sub-contractors out of his own pocket, bless him.

So incredibly sad for him

Any advice or hugs welcome please.

[TenMinutesLate]

I don't have any advice but just wanted to give you the hugest hand squeeze. My Husbands company is limping along and I'm not sure how long it can go on as it is....it's shite.

Maybe a trip to the citizens advice might be helpful.

All the best and just keep looking forward, and be kind to each other. It's a bumpy road so don't let go of each other.

[ThoughtFox]

Oh dear, I'm sorry to hear that.

for you at this difficult time

[Notfeelingfestivenow]

Thankyou for posting.

He has had massive support from both sides of family and it has been decided that for the sake of his mental health we are going to try and ride this horrific wave.

Having seen DH go through depression before, I do believe that seeing him as low as he has been while contemplating unemployment means he is in a better mindset if we battle on.

Here's hoping.

[Nerfmother]

The limited company is a different entity to your dh so he doesn't automatically go bankrupt if that's what you mean?

[Hoppinggreen]

You poor thing, if it's a ltd company though your husband should go bankrupt should he?
We are in a similar position, I have told my a Husband that he has got until the end of Feb to take an income from his business or he will have to do something else
Hope it works out for you xxxxx

[shellbell1975]

If your husband's business is a limited company then he is only liable for the amount of his paid up share capital, unless he has personal guarantees in place. This would mean he would not have to go personally bankrupt unless he has secured loans against personal assets e.g your home.

[prh47bridge]

As others have said, if this is a limited company he is not personally liable for the company's debts unless he has personal guarantees in place and/or is guilty of certain types of misconduct as a director (which sounds unlikely). Provided he can meet any guarantees that are in place without going bankrupt this will not affect his ability to get credit. Indeed, there is nothing to stop him starting another business immediately. Of course, he should only do that if he knows what went wrong and is confident he can avoid a repeat.