And so I will begin, My husband and I started a business 10 years ago, initially with a £20,000 bank loan. A business that would have failed long ago if we had not relied on credit to support us and the demands of a trade in serious decline along with us and our four children to support. One of our children has a serious illness which has left me at home to care and unable to work, that and the business failings left us in the position of taking a IVA. As we did not own our house it was perhaps in hindsight a foolish thing to do. However, in Feb this year two of our customers went bust and our supplier also went into liquidation. Left with no supply to sell and incurred debt from customers we were thrown headfirst in to bankruptcy.
Having spent many years screaming at my husband we should be bankrupt and berating him for not admitting defeat all of a sudden there we were in the position I had wanted but now I was so frightened.
So now for the important part the actual deed!
I had decided to phone the insolvency website at just after 4 pm to enquire about court dates. They told me that whilst some courts have open sessions, I should be prepared for up to a four month wait in certain areas. Major panic on as our local court was by this time closed so that was a sleepness night. In the morning though I phoned them and they were lovely. Told me to do forms on line and take them along to the court with the fee, before 12 on a day of my choice.
Once I had completed the forms, I collated all the relevant information, car logs books, accounts, customers who owed us money, bank statements etc all into two large and heavy ring binders. Whilst this took a good four days it was certainly worthwhile doing as I could check easily that everything was present and correct. So on the 2nd April (my husbands birthday) we went to the court. I was immediately sick in the toilets,and then i cried my eyes out whilst a lovely lady at the counter went through everything. We then had to sit and wait to see the judge which was about half a hour, we were then called in and asked to take a seat. He asked if we wished for him to make us bankrupt to which we said yes, he then read through the documents, and told us that he could indeed see we were insolvent and with that stamped it all. He then told us that we should co operate with the official receiver as it was now in their hands. We thanked him and went back downstairs to the lady at the counter. after handing her our stamped forms we had to wait in a small room for a telephone call. The case officer called and introduced herself and went through the basics of the forms. clarifing some points, and then I asked what I was to do with all the binders of information I had with us, she told me that I could take it immediately to their office which is across the road from the court. So we went on our way there and met with her, for which I was so glad as its always nice to put a name to a face. She could not have been more helpful and We both felt alot more relaxed having spoken with her. And so we then went home to a empty house. We felt empty to, drained from it all but the feelings were not bad just tired.
We could not have a official interview until the 22nd april so of course I could not really relax until that was done. One thing I did was to seperate all the sections of the forms and clearly marked them as to find the relevant information easily, set them out on the kitchen table ready. Promptly as arranged the official recevier rang and the interview was to last just over a hour. But Now I know that sounds like a long time but all our questions were answered and having been self employed it was not as straight forward as some. As we had been able to claim job seekers allowance as we now have no work, that was information to be passed on as that was not in effect at the time of the br. The OR told us that our family car will be collected with in the fortnight, but they were making the van exempt. We are allowed to trade that in for a car if we don't take any finance out on it and it is valued at the same as the van. We have received tax returns and I spoke to the tax office who told me that we have to submit this as they need a figure for the BR. Our accountant will do no more but I am on the case and getting through the forms. So I hope that is my last look at the doomed business records!
The OR gave us a direct dial number in case of any questions and told us to have no worries about ringing about anything at all to do with the BR and or anything relevant. As on benefits no ipa being put in place.
(We could find no information if we would qualify for benefits till new work was found, and with four children this was a major issue to me, However the jobcentre plus were marvellous help.)
We were able to open a co op account and My dear husband has a job interview lined up. On a emotional level I thought he would explode having lost his work for the last ten years but he has taken it ok. He is looking forward and accepts that this has happened. It is quite nice to have him home a bit, (not too much though) as all the jobs that have never got done seem to be getting done, although he never completes a job around the house!.
And do you know I think I must have spoken to the nicest people ever when sorting out things now. No one has been judgemental at all.
So we have yet to go through the process of starting work, although we have been told a nil tax code will be applied. And the trauma of having my car lifted sometime in the next week or so. But if I can offer one message, the agony of being in debt, dreading every visit by the postman, and the phone ringing, is dreadful, but the agony of going bankrupt and I wont lie it aint been easy, has been no worse than the life I had post April 2nd. But now I have the knowledge things will get easier not worse.
So be prepared, be honest and don't feel alone or ashamed. Come on here and look at all the information, I learnt so much from this site. Its not a ride I would have wanted to take but hey, who says we get to choose which path life will take us.
For my Husbands next birthday Guess what he is getting?
A bankruptcy discharge and that has got to be a good thing,
Here's to the future
