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Original poster

Thinking of bankruptcy

32 replies

Thinkingofbankruptcy · 26/08/2023 02:25

Changed name for this.

Awake again at 2.24 AM with worry.

I lost a business after covid, and long story short I’ve just lost a court case in relation to that and as a result I’m in more debt than I can possibly ever repay. £400k.

I've had advice and there’s no other route at my age. 55.

I can continue to earn a reasonable living and pay rent etc.. but I’ve only got one way out.

Need hugs, and to hear from anyone that’s been through it.

I’ve got a gut feeling it actually isn’t going to be as bad as it feels right now, and after a year I’ll be relieved it’s over..

OP posts:
Richmondgal · 27/08/2023 09:35

IAmAVintedAddict · 27/08/2023 08:48

There are stabbings in all areas, unfortunately. Our nearest city centre has a high proportion and they are usually connected to involvement of drugs and not limited to social housing dwellers. I'm not denying the effect of demographics. It's the just the sympathy given to someone going bankrupt owing this much money and then displaying unpleasant snobbery, doesn't sit well with me, especially if smaller suppliers or clients lose out.

Look at office of national statistics
vast majority of people convicted of stabbing or drug related offences are in social housing

PickledPurplePickle · 27/08/2023 09:37

You need professional advice - don't go into this without talking to someone properly

Did you have a solicitor in court? Can you work with them to offer a settlement with the cash that you have?

£400k is a lot to owe for a small business

BingoBastards · 27/08/2023 09:59

Richmondgal · 27/08/2023 09:35

Look at office of national statistics
vast majority of people convicted of stabbing or drug related offences are in social housing

Show quote history

You sound angry and abrasive

Original poster
Thinkingofbankruptcy · 27/08/2023 12:19

IAmAVintedAddict · 27/08/2023 08:43

You lost any sympathy I had with this

"But if I’d done that my son would have ended up in social housing"

The irony of going bankrupt owing close to half a million because you don't want to live in social housing...

Doesn’t matter. Where we lived if he’d had to move very far down the road it would have been bad. It wasn’t the social housing but, it was where that geographically would have put him with school choices.

I was protecting my son. Sorry not sorry.

OP posts:
Original poster
Thinkingofbankruptcy · 27/08/2023 12:25

PickledPurplePickle · 27/08/2023 09:37

You need professional advice - don't go into this without talking to someone properly

Did you have a solicitor in court? Can you work with them to offer a settlement with the cash that you have?

£400k is a lot to owe for a small business

It’s not a small business. I owe it personally because apparently the dividends I took from the small business over 18 months shouldn’t have been take even though the accountant said it was fine.

Most of it is legal fees and interest.

OP posts:
youveturnedupwelldone · 27/08/2023 17:37

Actually putting your DP in as a director doesn't mean you aren't "acting as a director" or could be considered to be a shadow director. It's the oldest trick in the book.

You would still potentially fall foul of the legislation that says you can't be a director whilst bankrupt, and it's a criminal offence.

Original poster
Thinkingofbankruptcy · 27/08/2023 22:07

youveturnedupwelldone · 27/08/2023 17:37

Actually putting your DP in as a director doesn't mean you aren't "acting as a director" or could be considered to be a shadow director. It's the oldest trick in the book.

You would still potentially fall foul of the legislation that says you can't be a director whilst bankrupt, and it's a criminal offence.

Yep. The OR would have to approve it and of course he / she may not.

But everyone else has refused because there’s a bounce back loan in the business - even though this has always been paid.

So if I can’t act as a director and no one else will then I suppose the business has to be liquidated which would stuff the BBL…

OP posts:
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