Spongebob Pan - Ltd company gone bancrupt

[Yazspongebobplan]

Hello,
Mine is a one year old Ltd co. with debts of £15000 in company contracts. No one else is owed any money, but I yet have to file VAT, corporation tax etc,. My company has gone bankrupt and so have I. Creditors keep calling everyday.

It is a small company with no assets / no bank balance / it does have an ebay account - which is active - looking at closing it soon.

I have no money to pay insolvency practitioners but have been following the Spongebob Plan and will be acting on it shortly. Apart from the advice that I need on the above. I would like to start another company to trade in the same sector. Can I start it immediately or should I wait till my existing company is turned Inactive by Companies House. Also, will any liabilities be transferred from the existing company onto the new company since the director / sector in trading is exactly same. Can I use the same name as well?

I would really appreciate if I could get some advice on my specific case. what should be my next move?

 

[Scalloway]

Each company is a completely separate legal identity from every other company.

 

[Yazspongebobplan]

So what do you suggest?

 

[Scalloway]

What happens with your first company will have no bearing on the second company. If you are personally bankrupt you can't be a director.

 

[Yazspongebobplan]

Okay. I understand now. Thank-you for your input I really appreciate it.

 

[Ste Hughes]

Forgive me for being stupid, but by the sounds of it the spongebob plan is just see how much debt you can run up and then get away with it without any responsibility....

Am I wrong?

If you are starting a business in the same sector, you will probably be working with the same people/suppliers/customers/anyone else and they will know what you have done... what is stopping you sticking with the current company and coming up with a solution to the 15k debt which doesn't involve screwing someone over?

 

[john1989]

Forgive me for being stupid, but by the sounds of it the spongebob plan is just see how much debt you can run up and then get away with it without any responsibility....

Whilst the Spongebob plan is good for people in genuine need, it is abused.

 

[Yazspongebobplan]

Whilst the Spongebob plan is good for people in genuine need, it is abused.

I don't think this is true in my case. I am not screwing anybody. I think you haven't focussed on the fact that I am bankrupt myself and the contracts are with companies who do not want to negotiate but want to take me to court because despite me telling them that I am bankrupt they still don't mind spending money on taking legal actions because they want their money NOW! and this is after I have paid them half amount.

As for why I want to start a new company in the same sector because I have met some good suppliers and external business partners. I have never lied to anybody about my situation and so they want to help me out of my bankruptcy and want to give me some work.

Can you provide me a solution of what you can do with creditors who said they are there to help you and don't mind taking a blow and when you explain to them that you have gone bankrupt and that you are not capable of taking another loan to pay off theirs and they still keep calling thousand times a day - especially when it is becoming difficult for you to put food on the table.

Please think carefully when you reply to such problems - this is a free forum but I think one has to be sensitive when they are replying to someone's bankruptcy problems. I am a genuine person with a company that has great potential but at the moment it has taken a wrong turn.

Thanks for your patience. I would ask you to give constructive advice here please.

 

[john1989]

My comment wasn't specific to you. I was merely replying to Ste Hughes. Apologies for the confusion.