I am sole director of a limited company. It has no assets at all but I guess it would have a share value. I personally am being made bankrupt by three Banks which have loans on property. Can I appoint a new director and resign, or if I do this will if protect the company from the banks? Would it be better to sell the company and carry on as an employee? I urgently need advice here and am getting all sorts of different stories!
It is certain that you will not be able to continue acting as Director if you are made bankrupt, however it would be impossible to say how best to proceed without a lot more information. Has a creditor actually served a statutory demand or a bankruptcy petition, or are they just threatening to do this if the debts are not resolved in some way? There are many areas in your question that would not be possible to answer without a lot more information and you should contact a free debt adviser as soon as possible to have a look in detail and identify your options before it is too late to keep control.
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.