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Max Lowry
Max Lowry, Advocate
Category: UK Bankruptcy Law
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Experience:  LLB, 10 years post qualification experience
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if i have to become insolvent and only owe the revenue, both

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if i have to become insolvent and only owe the revenue, both branches, what camn they seize, i am a sole trader, not a house owner
Submitted: 1 year ago.
Category: UK Bankruptcy Law
Expert:  Max Lowry replied 1 year ago.
Hi, welcome to Just Answer. I will help you with your question. What do you mean by both branches please?
Customer: replied 1 year ago.

i mean the tax dept and the vat dept

Expert:  Max Lowry replied 1 year ago.
Thanks. Do you have a disposable income?
Customer: replied 1 year ago.


i have some, unable to give the amount the vat will want yet, business reasonable, depend on how much disposable you want

 

Expert:  Max Lowry replied 1 year ago.
Upon bankruptcy your assets will vest in the official receiver. He will be interested in recovering any assets of value that you may own or have an interest in. These assets will then be recovered and sold for the benefit of your creditors. Generally speaking, if there are no assets or they are of little value the bankruptcy will last usually twelve months or less. All your debts including the money owed to the revenue will be discharged upon bankruptcy.

You may continue being sole Trader . The OR may be interested in the business if he can get any value from it. You will be able to continue earning a living. If you have a disposable income you could be subject to an income payments order where you pay a monthly sum to your creditors.
Max Lowry, Advocate
Satisfied Customers: 1414
Experience: LLB, 10 years post qualification experience
Max Lowry and 2 other UK Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

can you expand on assets please, i do not own a house or have a mortgage, small pension savings and an isa. will the isa go along with the pension.


i have a work van on hp. i also have a 6 year old car.


 


will the official receiver want to presue my wife too ?

Expert:  Max Lowry replied 1 year ago.
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