question category: Bankruptcy

If I personally go bankrupt will the ltd co I am director of have its assets seized?
Submitted on: 3rd Dec 2008 by Non-Member | Total Answers: 1

I am the only employee of the company. My assets are primarily van, tools and laptop.

Answer this question

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Bankruptcy and Ltd Company

Bankruptcy only effects your personal assets and so wouldn't necessarily impact a company that you are a director of.

However, if you are a shareholder in the company then the shares in the company will be subject to your bankruptcy and the trustee will try to realise value for them. He could do this by trying to sell them but it is unlikely given the nature of the company that the shares would have any value to anyone other than you. The trustees alternative is to try and realise the assets in the company and distribute them to himself either by way of dividend or by winding up the company.

My advice would be to negotiate with the trustee for the return of the shares for a small sum as he is unlikely to realise very much via altenative routes.

Submitted on: 4th Dec 2008 by Andrew Redmond (not verified) Non-Member

1
 

Post new comment

The content of this field is kept private and will not be shown publicly.
Type the characters you see in this picture. (verify using audio)
Type the characters you see in the picture above; if you can't read them, submit the form and a new image will be generated. Not case sensitive.

Featured Debt Charity

“What we like most about the help the Debt Advice Foundation provide is it’s balanced and fast. You’ll get the right solution suggested confidentially in hours not days.” Debt Advice Foundation