If you decide to take business bankruptcy advice from us, you will be guided by James Falla. James has over 20 years of experience working with business owners and can advise you on areas such as:
- Business Bank Accounts
- Protecting vehicles and equipment
- Renting business premises
- What happens with employees if you have any
What are the options during business bankruptcy?
If you work for yourself, you can keep operating your business after you have gone bankrupt, as long as you make sure you are trading under your own name. It is not necessary for you to inform your clients that you have gone bankrupt.
Your business's revenue and costs must be recorded every month. This is because, throughout your business bankruptcy, the Official Receiver may request to see these at any point.
This information will be used to determine if you can afford to make a monthly payment towards your debt - known as an Income Payment Agreement or IPA.
Business Bankruptcy Debts
Business Bankruptcy erases not just your personal debts but also any business debts you may have. This covers items such as:
- credit cards
- business loans
- and business overdrafts
This is because, as a self-employed individual, you bear personal responsibility for repaying any debts you acquire via your business.
Your business debts must be handled precisely the same as any other unsecured obligation since you are personally liable for them.
Our Business Bankruptcy Assistance Services
Here at Bankruptcy Guide, our business assistance service covers far more than just your online application. We provide you with confidential professional advice covering all of the following:
Using the income and expenses data you supply, the Official Receiver will decide whether or not you will have to make monthly payments towards your debts for the next three years in the form of an IPA. It is therefore vital that you get the figures right.
Together we will forecast your business's revenue and costs and what we anticipate you will be able to draw each month after-tax.
We will then use this information to complete your personal income and expenses budget.
The bank account you have been using for your business will most likely be closed not long after you go bankrupt. We will provide you with advice on how to start a new account both for your personal and ongoing business banking.
You may own a vehicle (car or van) and other items of equipment that you need to keep operating your business. We will explain what needs to be done to safeguard these assets so you can continue using them.
You will receive various documentation from the Official Receiver once you are declared bankrupt.
We will make sure you fully understand everything and assist you where documentation needs filling in and sending back.
You will also have an interview with an Examiner from the Official Receiver's office. This is likely to be via a phone call but could be face-to-face. We will make sure you are ready for your interview and are able to respond to any queries that may come up.
An update on your business revenue and costs is likely to be requested by the Official Receiver three to four months following the date of your bankruptcy.
You will be asked to send in updated three line accounts and a personal income and expenses budget.
We will work with you to produce these documents so you can be sure the correct information is given to the Official Receiver.
Get Started With Business Bankruptcy Today
Choosing Bankruptcy Guide for your business bankruptcy advice entitles you to James Falla's personal expert support.
For the past 20 years, James has given bankruptcy advice to individuals and has developed a special understanding of the procedure and what to anticipate whatever the circumstance.
Join the rest of our happy clients and get started with us today. Let us help you during this daunting time.