A Free Bankruptcy, IVA And Simple IVA, Insolvency Advice Forum

[helz184]

Hi Ev1

I am due to make myself bankrupt in the new year, I would like to know if it is possible to become self employed during and after this?
Would the real problem be getting a business bank account?
Thanks very much

[Thomas]

Hi Helz

You say you are 'due' to go BR in the new year.
Do you mean you are thinking it over and/or plan to take professional advice as to its advisability between now and end of December?

You can be self employed as a bankrupt as long as you trade in exactly the same name as before BR. You will not be able to ask for or obtain credit of more than £500 without disclosing your bankruptcy. Getting a business account (by this I assume you mean cheque book, credit/debit card, overdraft) will, indeed, be the real problem. You may be able to get a basic bank account to deal with payment in and out and possibly even a card enabling you to withdraw your own cash. One of the other self employed members will hopefully give you first hand information about this point, soon.

[cashdesk]

I went BR last month and was the MD of my own ltd company (no employees). I would hate to think that after have been dischrged I cannot work for myself again.

Is there anything preventing me from becoming self-employed again once I am discharged? It doesn't have to be a ltd company again, I just want to be able to work for myself.
For the record, the OR said they have no interest in my company bank account as I am personally BR. They did, however, stress that being a director was an offence. I signed a form last week to resign as director and wind up the company (it has no debts and never has, it was all sweat equity).

Will I have the chance to start a new business or remain a salaried employee for ever?

[Hg]

Hello

You can become self employed, but while you are bankrupt you can't use a trading style that wasn't listed on your bankruptcy order (ie you'd have to use your own name) unless you tell everyone you deal with that you've been made bankrupt under your name.

The only thing to watch out for is that you can't incur credit of £500 or more, so you couldn't do something like apply for a trade account with credit terms.

[nick4u1]

Hi Guys,

I went bankrupt in May 09'. It was a personal bankruptcy but I was and still am legally a self employed person. It was bit of a pain getting a co-op cashminder account and although i was given the account without trouble it is incredibly strict and very limiting (no bad thing I guess). Other than that ive got my clients, I get paid and recently I received my documents for an early discharge. Its been about 8 months now since the deed and life couldnt be any easier if you ask me, now mounting debts to battle against, its just all very simple, what comes in is now more than what goes out, THANK GOD!

So hopefully you shouldn't have any real issue continuing or starting to work as a self employed person, what business is it you do anyway?

[cashdesk]

Hi Nick4u1,

I am a website developer and teach software development (at least, I used to).