forming a 'secure' ltd company

[markthewelder]

OK people,
i've searched this forum for what will be a topical issue im sure!

my situation:

I have a well established 'one man band' ltd company where my wife had no part in the daily running or back office work, & took no part in it.

My wife has recently left me & has presented a new list of financial demands that i simply can't meet nor afford.

She has threatened all kinds of action & im stressed out of my mind at the very thought of her taking everything that i have worked very hard (10 years) to build up.

I have no personal assets, rented house & only credit card bills outstanding.

My wife has been lovingly looked after & has wanted for nothing for the past ten years.

My company has only lots of welding equip, a van, a car (see my other post here: selling ltd company assets) & a small £5k overdraught outstanding.

I am still trading daily & absolutely not wanting to give it up, ever.

So,
to 'stop the rot', what is the recommended route to be able to form a completely new ltd company that is secure from her grasp today & in the future?

I am prepared to start again, this week, from scratch, but really need to know whom will be best as a new director, bank account signatory etc, as I really can't continue working anymore with this massive threat against my current business & it is making me ill with worry.

I just want to start again afresh without this massive worry.

Could I have my 17 year old son as director, for example, or do i go outside family?

I've heard so many stories of personal & company clawback issues that im now very worried & want to abandon my current company (legally) & start again securely.

I can take care of my current company, it's the formation of a new secure company that I need to learn how to do please.

Absolutely any & all advice will be most gratefully accepted please.

thank you
Mark.

[Cred-X]

Mark,

Can you clarify what you expect to gain by closing one and starting another.
If your wife was not a director or shareholder then she has no influence over either company, new or old.

[INDIZINE]

Your wife will be entitled to whaetever a judge says she is entitled to, to the day you divorce (I think you can also offically separate).

An accountant would be best person to advise you financially - find one that has dealt with this sort of istuation before. Also get yourself a good divorce lawyer.

[Alpha]

Your wife will be entitled to whaetever a judge says she is entitled to, to the day you divorce (I think you can also offically separate).

An accountant would be best person to advise you financially - find one that has dealt with this sort of istuation before. Also get yourself a good divorce lawyer.

Unfortunately the repercussions and financial liabilities will often go beyond the day you divorce in todays litigous environment. A good example has been the spouses right to pension funds and I suspect that many lawyers will include shares in owner managed limited companies in a similar vein.

The answer really is get a good divorce lawyer and be prepared to argue your case. or preferably get a compromise in place.

[INDIZINE]

Unfortunately the repercussions and financial liabilities will often go beyond the day you divorce in todays litigous environment. A good example has been the spouses right to pension funds and I suspect that many lawyers will include shares in owner managed limited companies in a similar vein.

The answer really is get a good divorce lawyer and be prepared to argue your case. or preferably get a compromise in place.

but the husband wants to protect all claims against his future earnings and assets from the official day of separation and going forward. I think he already realises he cannot keep all the familys assets to himself which have been achieved by the date of their separation.

[Alpha]

but the husband wants to protect all claims against his future earnings and assets from the official day of separation and going forward. I think he already realises he cannot keep all the familys assets to himself which have been achieved by the date of their separation.

But that is my point it is becoming increasingly difficult to even keep future earnings out of the equation:eek:

[PI Guy]

the best advice is to see a "shark" of a divorce lawyer and of course your accountant.

If you need a recommendation for the lawyer pm but they don't come cheap.

BTW if the reasons for the divorce is adultery (hers) then you can (maybe) get a better settlement.