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Alex J.
Alex J., Solicitor
Category: UK Bankruptcy Law
Satisfied Customers: 2728
Experience:  2 Years Insolvency Litigation
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I am director of a small company which is fine, no profit but

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I am director of a small company which is fine, no profit but gives me a wage and no debt, but have just had a £50K demand from hmrc for capital gains tax from when I had t0 sell several houses because the rents didnt cover the mortages. I have other unsecured debts which i have set up agreements with and are keeping to the terms of those agreements.
As an estate agent I do not want to go bankrupt and what would happen to the ltd company If I have to go bankrupt. I have one house with about 15K equity and two with negative equity I am 60 and terrified of not being able to work.
Submitted: 1 year ago.
Category: UK Bankruptcy Law
Expert:  Alex J. replied 1 year ago.
Hi

Thank you for your question and welcome to Just Answer.

Does your company employ anyone or have any assets?

Kind regards

AJ
Customer: replied 1 year ago.

it employs one apprentice £380 pcm i rent space in an office and use my own car there are two desks and three second hand computors aouple of phones and two chairs

Expert:  Alex J. replied 1 year ago.
Hi

Thank you.

The company won't necessarily go bust and you won't be stopped from working however you may have to pay part of your salary over to your trustee.

Your shares will form part of your estate in bankruptcy. If they are not worth anything you can probably negotiate a deal with the trustee to buy them back at par value.

Generally bankruptcy only lasts for one year and then you will be discharged.

Have you tried negotiating with HMRC? If you go bankrupt you will have to find someone to be a director of your company until you are discharged and you will most likely loss any other properties you own.

I look forward to hearing from you.

Kind regards

AJ
Customer: replied 1 year ago.

who is the trustee? or what

Expert:  Alex J. replied 1 year ago.
Hi

Thank you.

A trustee in bankruptcy is the person appointed to manage your affairs and property for the benefit of your creditors when you are made bankrupt.

I look forward to hearing from you.

Kind regards

AJ
Alex J., Solicitor
Satisfied Customers: 2728
Experience: 2 Years Insolvency Litigation
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Alex J.
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2 Years Insolvency Litigation