Credit Reports Ltd
2010
I am a company director of a ltd company, can i go bankrupt without affecting my firm?
I owe about £15,000, been outstanding for years now, i have the worst credit report ever. I’m 29 now and not been able to get credit since i was 18, in the future etc i want to buy a house, i’m thinking of just going bankrupt and then rebuilding my credit score slowly.
But i am a company director of a ltd company, its only a small construction firm, just me and my mate, will this be affected by me going bankrupt? We have a business bank account etc, but nothing on credit, and i also personally have no assets.
Thanks for your help, not looking for any moral lectures.
If you want to go bankrupt or are made bankrupt by a company you owe money to then yes your buisness will be affected.
Baisically to go bankrupt you have everything taken off you. The court will order you to sell your buisness to pay of some or all of the debt depending on the companys value.
You would be better off looking into a debt help company who will offer you a something where you pay a set amount monthly for 5 years then the rest is wiped off. I can’t remember what it’s called but it starts with a V. Only your income and expenditure is taken into account and you agree to an affordable amount.
This is much better than going bankrupt as bankruptcy can stay on your credit report for up to 25years and you can’t have a bank account for the first 5years.
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