Bankruptcy Advice

[turbotoys]

Husband and wife. Husband has to declare himself bankrupt. Wife has a property solely in her name. They are both Director's of the same company. Will husbands bankruptcy affect wife's house? CAB are unsure as they think there could be a beneficial interest due to them being Director's of the same company.

Any advice would be great!

[Eric Mc]

What has the the company got to do with the husband's personal bankruptcy?

[Soovy]

Eric Mc said:

What has the the company got to do with the husband's personal bankruptcy?

Nothing!!

[TooLateForAName]

turbotoys said:

They are both Director's of the same company.

I'm pretty sure that an undischarged bankrupt isn't allowed to be a company director.

[turbotoys]

I am not sure. CAB thought as we are both Directors, the OR might say I have a beneficial interest in the property.
Really need to know the answer before filing.

[turbotoys]

TooLateForAName said:

turbotoys said:

They are both Director's of the same company.

I'm pretty sure that an undischarged bankrupt isn't allowed to be a company director.

I haven't filed yet.

[Soovy]

turbotoys said:

TooLateForAName said:

turbotoys said:

They are both Director's of the same company.

I'm pretty sure that an undischarged bankrupt isn't allowed to be a company director.

I haven't filed yet.

Oh, so this is YOU!



If you go bankrupt then if the house is in the wife's name I think that it's safe, unless you sold it to her for a quid or smothing six weeks ago.

Get some decent bl00dy advice from an insovency lawyer instead of a motoring website.

Edited by Soovy on Friday 29th January 16:25

[turbotoys]

Soovy said:

turbotoys said:

TooLateForAName said:

turbotoys said:

They are both Director's of the same company.

I'm pretty sure that an undischarged bankrupt isn't allowed to be a company director.

I haven't filed yet.

Oh, so this is YOU!

Yes, it's hilarious...

[Soovy]

turbotoys said:

Soovy said:

turbotoys said:

TooLateForAName said:

turbotoys said:

They are both Director's of the same company.

I'm pretty sure that an undischarged bankrupt isn't allowed to be a company director.

I haven't filed yet.

Oh, so this is YOU!

Yes, it's hilarious...

Don't get the ar5ehole.

I thought your question was hypothetical.

[TooLateForAName]

How about more detail?

When did the property get put in the wifes name? Is the bankrupty being prompted by a personal guarantee for the business?

I think that if it looks like you are hiding assets then there could well be a problem. But is the business intertwined with the personal finance issue?

[Eric Mc]

TooLateForAName said:

turbotoys said:

They are both Director's of the same company.

I'm pretty sure that an undischarged bankrupt isn't allowed to be a company director.

I know that but that has no bearing on the OP's original question.

Is the individual declaring himself bankrupt or is his company going into liquidation?

[turbotoys]

TooLateForAName said:

How about more detail?

When did the property get put in the wifes name? Is the bankrupty being prompted by a personal guarantee for the business?

I think that if it looks like you are hiding assets then there could well be a problem. But is the business intertwined with the personal finance issue?

Property was originally purchased in wife's name. Bankruptcy is because of the recession, business failed and I lost a house that was in my name. Wife's property has very little equity but we live in it.

[turbotoys]

Eric Mc said:

TooLateForAName said:

turbotoys said:

They are both Director's of the same company.

I'm pretty sure that an undischarged bankrupt isn't allowed to be a company director.

I know that but that has no bearing on the OP's original question.

Is the individual declaring himself bankrupt or is his company going into liquidation?

The business has failed and I'm going personally bankrupt too.

[anonymous-user]

So between you the husband and wife, who own a business together, owe some money, and have some assets, yet you want to get away with paying what you owe. No wonder this country is going down the tubes, people like you make me sick.

Edited by anonymous-user on Friday 29th January 16:35

[Jasandjules]

turbotoys said:

Husband and wife. Husband has to declare himself bankrupt. Wife has a property solely in her name. They are both Director's of the same company. Will husbands bankruptcy affect wife's house? CAB are unsure as they think there could be a beneficial interest due to them being Director's of the same company.

Any advice would be great!

My concern here is as husband and wife I cannot recall if your assets/liabilities are connected i.e. the house is in her name but as your wife do you have an interest in it.. But I don't see a beneficial interest as directors of a company but as husband and wife.

Was it a Ltd co? I assume not as you are going personally bankrupt as well.

[turbotoys]

Jasandjules said:

turbotoys said:

Husband and wife. Husband has to declare himself bankrupt. Wife has a property solely in her name. They are both Director's of the same company. Will husbands bankruptcy affect wife's house? CAB are unsure as they think there could be a beneficial interest due to them being Director's of the same company.

Any advice would be great!

My concern here is as husband and wife I cannot recall if your assets/liabilities are connected i.e. the house is in her name but as your wife do you have an interest in it.. But I don't see a beneficial interest as directors of a company but as husband and wife.

Was it a Ltd co? I assume not as you are going personally bankrupt as well.

Co was Ltd but due to the failure, it impacted me personally.

[CHIEF]

Bluequay said:

So between you the husband and wife, who own a business together, owe some money, and have some assets, yet you want to get away with paying what you owe. No wonder this country is going down the tubes, people like you make me sick.

Edited by Bluequay on Friday 29th January 16:35

Give the guy a break ffs - he's pretty much lost everything as it is.

[turbotoys]

CHIEF said:

Bluequay said:

So between you the husband and wife, who own a business together, owe some money, and have some assets, yet you want to get away with paying what you owe. No wonder this country is going down the tubes, people like you make me sick.

Edited by Bluequay on Friday 29th January 16:35

Give the guy a break ffs - he's pretty much lost everything as it is.

All I am trying to keep is a roof over my family. Things have gone wrong for us. I am not hiding away huge stacks of cash.

[anonymous-user]

turbotoys said:

CHIEF said:

Bluequay said:

So between you the husband and wife, who own a business together, owe some money, and have some assets, yet you want to get away with paying what you owe. No wonder this country is going down the tubes, people like you make me sick.

Edited by anonymous-user on Friday 29th January 16:35

Give the guy a break ffs - he's pretty much lost everything as it is.

All I am trying to keep is a roof over my family. Things have gone wrong for us. I am not hiding away huge stacks of cash.

I feel sorry for you, but I also feel for the people who aren't getting paid. Owning a house is not a right, especially when you owe other people money and aren't paying it. I doubt very much they will take your house, what they will do if anything is put a charge over the property so that when you come to sell they will get a portion of the equity.

[turbotoys]

musclecarmad said:

if the business failed and you went under why hasn't your wife too if she was a co director

The business had no debts. It was a lack of income from business that made me lose the property in my name. ( it was a rental property )