I am a director of a small Ltd company but have been made personally bankrupt because I was a self guarantor to a contract that my company took out with another and thus couldn’t pay the debt, thus they have come after me personally. My company however owes me back approx 70K in directors loans and I want to keep the company going. Can I transfer directorship and 100% shares to my wife for a year or so until I am discharged? and can she take control of the directors loan that is owed back in that time?
The company is a small company and the shares are only worth £1. Can anyone help please?
Please speak to the Official Receiver dealing with your case.
This question has been answered by CAP UK, a leading debt charity offering hope and a solution to anyone in debt.
To receive advise on this business related query, it would help to talk to National Debtline.
You can access information on the restrictions that are now in place by looking at the Insolvency Service website here: http://www.bis.gov.uk/insolvency/personal-insolvency/bankruptcy-what-is-bankruptcy/how-will-bankruptcy-affect-me
This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you need further help, Debt Advice Foundation provides a free, confidential helpline and can advise you. Click here to find out more.