question category: Bankruptcy

what will happen to my limited company if i am declared bankrupt?
Submitted on: 9th Feb 2010 by Non-Member | Total Answers: 1

i am the only director and the company has corporation tax arrears. what happens to the company debt?

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Re: what will happen to my limited company if i am declared ...

If you are the only director, you will normally not be allowed to continue the company as you cannot act as a director or manager without the permission of the court.

If the company is in trouble you should get some business advice - perhaps from the charity: Business Debtline www.bdl.org.uk or a licensed insolvency practitioner. If the company is insolvent you could be in serious trouble if it continues to trade. You may need to wind the company up.

If you are declared bankrupt you may be able to continue as a sole trader or as a consultant. Most people simply get a job working in a similar field for the term of their bankruptcy.

So many if's. You discussed bankruptcy in your question, are you personally insolvent? If so perhaps you should get some advice from the Debt Advice Foundation or an insolvency practitioner.

Submitted on: 9th Feb 2010 by Darren Member

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