- Original Poster
- #1
Hi there,
Been reading a number a posts in the forum and it seemed like a good place to get unbiased answers. Please go easy. The short version is that my company has failed after 6 years (Covid, AI, lack of funding) and after speaking with a number of insolvency practitioners, accountants, debt charities, solicitors etc - it's looking like compulsory liquidation is our only option (can't afford voluntary). As a result I am liable for 30K Directors loan & £15k in Company credit Card debt (PG) which is accumulating an eye watering amount of interest each month.
I owe £25k in personal debt (used to cover my wages) and with no job and a number of significant health problems at the moment I can't see a way of ever getting on top of this + I don't want to risk having bailiffs coming to my elderly parents home. Lost or sold everything I had to try and keep the business alive but couldn't, so bankruptcy seems like my only option. Business owes 4k on BBL, all above board btw and 80% paid as well so not sure strike off would work for us. To be honest, I am really frightened of having to go through compulsory liq & bankruptcy. I have never missed a payment for anything in my life until now but I know I must face the consequences.
My question is, does anyone in the forum has experience of having gone through these? Or can offer some words of wisdom. Can I apply for bankruptcy before compulsory liquidation? I know it can take months - years. If I apply for bankruptcy first, then could I apply for strike off for the company?
FYI: I have no assets outside of a 5 year old basic laptop & mobile phone. My family are paying my bills at the moment until I can get back on my feet & I am hoping to be healthy enough to get back into self employment in the next month or so. Also, have been told that getting professional indemnity insurance or insurance at all is going to be almost impossible. Surely that's not true? I know I have messed up but I am sure there are plenty of people who fail at one business and then try another further down the line...........
Any advice would be very helpful. Thank you.
Been reading a number a posts in the forum and it seemed like a good place to get unbiased answers. Please go easy. The short version is that my company has failed after 6 years (Covid, AI, lack of funding) and after speaking with a number of insolvency practitioners, accountants, debt charities, solicitors etc - it's looking like compulsory liquidation is our only option (can't afford voluntary). As a result I am liable for 30K Directors loan & £15k in Company credit Card debt (PG) which is accumulating an eye watering amount of interest each month.
I owe £25k in personal debt (used to cover my wages) and with no job and a number of significant health problems at the moment I can't see a way of ever getting on top of this + I don't want to risk having bailiffs coming to my elderly parents home. Lost or sold everything I had to try and keep the business alive but couldn't, so bankruptcy seems like my only option. Business owes 4k on BBL, all above board btw and 80% paid as well so not sure strike off would work for us. To be honest, I am really frightened of having to go through compulsory liq & bankruptcy. I have never missed a payment for anything in my life until now but I know I must face the consequences.
My question is, does anyone in the forum has experience of having gone through these? Or can offer some words of wisdom. Can I apply for bankruptcy before compulsory liquidation? I know it can take months - years. If I apply for bankruptcy first, then could I apply for strike off for the company?
FYI: I have no assets outside of a 5 year old basic laptop & mobile phone. My family are paying my bills at the moment until I can get back on my feet & I am hoping to be healthy enough to get back into self employment in the next month or so. Also, have been told that getting professional indemnity insurance or insurance at all is going to be almost impossible. Surely that's not true? I know I have messed up but I am sure there are plenty of people who fail at one business and then try another further down the line...........
Any advice would be very helpful. Thank you.
