Q: Can I be made bankrupt for under £750.00

A: NO. Business debts must be at least £750.00, for personal debts the level is £1,500.00

Q: I am being pursued for a substantial debt incurred under a Limited Company agreement, is this correct?

A: If you signed some form of Personal Guarantee this could be the case. Also if you entered into the contract personally then you are liable. Call us for advice.

Q: I am self employed, my accountant put my wife through as a partner but she only got a few pounds a week for tax purposes. The debts are mounting, is she liable.

A: If she is a partner and the business is taxed as a partnership then YES.

Q: I have a Limited Company but it is costing a fortune to run. Can I go back to being a sole trader working alone?

A: Yes, this is possible, especially where the turnover is low.

Q: I think I may have to go bankrupt, I want to put the house in my wife’s name so that I don’t lose it. I have been told this is OK.

A: No it is not, in fact you could be committing an offence under the Bankruptcy Laws. Call us immediately for details BEFORE you do anything.

Q: Is it true that you lose everything if you go bankrupt?

A: In some cases where a hostile creditor has raised the action this has happened. It is less likely to happen if you get professional INDEPENDENT advice, not from an insolvency company or part timer.

Q: I am in a partnership which is doing well but have a lot of personal debt. If I sign a Trust Deed will the partnership be affected?

A: Yes, your share of the partnership falls to the Trustee.

Q: I need to borrow money to pay off some debts due by the company, can you help?

A: Yes. We have contacts in those areas that can source the best deal for you.

Q: We are in trouble due to substantial unpaid accounts, can you help?

A: Yes we can offer a debt collection service for our clients who are in difficulty for this very reason.

Q: If I go bust can I start up again

A: Yes, in most cases. Contact us for advice