Sole Trader - Bankruptcy

Discussion in 'Insolvency' started by WhichWayToTurn, Mar 8, 2018.

  1. WhichWayToTurn

    WhichWayToTurn UKBF Newcomer Free Member

    Posts: 5 Likes: 0
    Depressing for this to be my first post :(

    I'm a Sole Trader who has just been declared bankrupt.

    I've searched but cannot find the information anywhere so hoping someone can advise....

    So, the official receiver has appointed an auction house to deal with my stock.
    They telephoned yesterday to ask if I wanted to make an offer to buy it!?!

    Is this normal practice?

    If I can see value in it, should I make an offer and how much should be the offer?
    (thinking percentage of the actual trade cost of the stock)

    Any advice much appreciated.


    Posted: Mar 8, 2018 By: WhichWayToTurn Member since: Mar 8, 2018
  2. Lisa Thomas

    Lisa Thomas UKBF Enthusiast Free Member

    Posts: 1,729 Likes: 218
    I suspect you will only be able to buy it using third party funds as all of your assets will vest in the Bankruptcy.

    I presume the O.R has given you permission to continue to trade?

    If you want/need the stock and can get the funds (you will not be able to obtain commercial credit for 6 years now that you are Bankrupt and cannot obtain credit for £500 or more without declaring that you are Bankrupt) then make an offer for it.

    I can't tell you how much to offer - it depends on how much the stock is worth at auction, less probably some wriggle room for all the auction costs.
    Posted: Mar 8, 2018 By: Lisa Thomas Member since: Apr 20, 2015