My business is not looking good if i transfer my share of…

If the business is owned by a limited liability company then in principle the debts of the company do not pass beyond the company except in special circumstances, such as where a party has agreed to guarantee the company's debt or debts or where a company has been trading whilst insolvent.

Often banks will require a director or shareholder to sign a personal guarantee for any loans that the bank might provide, and similarly suppliers to a business might require a similar guarantee for the costs associated with any consignments of stock, etc to the company which are not paid for up front. In such circumstances, if the company cannot pay the debts which are the subject of the guarantee, then the parties signing the guarantee will be personally liable and creditors can pursue them personally for any unpaid debt.

Insolvent trading occurs where directors allow their company to continue trading past the point at which it should have been reasonably clear to them that the company would not be able to pay its debts when they come due. In such cases directors can be held personally liable for any debts of the company incurred because the company was allowed to continue to trade past that point.

However, aside from these common exceptions, the directors and owners of companies are not generally personally liable for the debts of their companies.

If you think you are in danger of trading insolvent or are already trading insolvent, it is absolutly imperative you seek immediate advice from an appropriate accountant to review your situation and work out the best way to proceed as you will likely need to either refinance the company or wind it up and the sooner you act the better you can restrict any claims for trading whilst insolvent.

In relation to your idea of transferring assets to your wife to safeguard your home, you need to be aware that although that may make it harder for creditors to recover funds from you, it is far from a solid defence, as the laws on insolvency and bankruptcy allow creditors to claw back transactions that are made for the apparent purpose of defeating creditors. Detailed advice from a lawyer and/or accountants is needed to assess the viability of transferring assets in this way, as if the assets can be clawed back, you likely will just be wasting money on legal and transaction costs which are pointless.

I trust the above assists.

Good luck and please rate my answer.

Patrick