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Max Lowry
Max Lowry, Advocate
Category: UK Bankruptcy Law
Satisfied Customers: 1457
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
Hi, welcome to Just Answer. I will help you with your question. What do you mean by both branches please?
Customer: replied 4 years ago.

i mean the tax dept and the vat dept

Thanks. Do you have a disposable income?
Customer: replied 4 years ago.

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


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.
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Customer: replied 4 years 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 ?

No problem. Assets can be any form of property including car, money in the bank or at the bank, computers, investments, savings etc. These are items of value that you own or have an interest in. You will lose the value of your ISA. Your pension will not be touched unless you receive payments from it - these will be classed as income.

The OR should agree that you can keep your van for work and the hp company shouldn't have an issue as long as you keep up the payments. The OR will not be interested in your car unless it is worth at least £2000.

Your bankruptcy will not effect your wife unless you share interests in something like a joint bank account.

I hope this helps.

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