Hi, hoping someone can give me some advice. I desperately need it. Husband ran own business - construction industry - until 2 years ago when he stopped through ill health, nothing desperate, but he's almost 60 and was physically struggling and work had temporarily dried up. Since then business debt has kept rolling and is now basically at overdraft limit of £10,000. Husband has done maybe half a dozen small (few £100) jobs in those two years. A couple of days here and there. He really isn't fit to go back to it, has no one working for him, sold the forklift and machinery he had, etc. And is still in debt. It is a limited company.
I just feel desperate and don't know what to do. I was also a director of the company, although got the accountant to remove me as one a year ago, but my name is still on joint business account. We are relying on my wages to survive but this debt is making me feel ill. I cannot honestly see any way he will ever work (regularly) again or how he will pay this debt. He talks vaguely of getting work, but it's not going to happen. What do we do? Can he declare the business bankrupt? Will that affect him/us? I have no idea where to turn or what to do. He has absolutely no income, and frankly I'm struggling to keep our heads above water (along with pay mortgage, bills, food etc. We still have teenage children at home). I cannot pour money into his business as well to pay off any debt.
Any financial experts/accountants out there with any suggestions? They would be very gratefully received. I've tried to get him to speak to bank about freezing the debt and he makes the right noises but hasn't done so. Even frozen we will never be able to pay it - he just isn't working!