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I was made bankcrupt on Tuesday the insolvency person came…

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I was made bankcrupt on...

I was made bankcrupt on Tuesday the insolvency person came in and closed my pub this was a joint lease with my husband but as he was retired I went as sole trader they have taken all monies that were on the premises and am sat here waiting for the axe to fall with no money as they have closed all my accounts. What can I do nowas I am quite succicidal.

Submitted: 12 years ago.Category: UK Law

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Answered in 11 minutes by:

10/21/2010

Solicitor: Joshua, Lawyer replied 12 years ago

Joshua, Lawyer

Category: UK Law

Satisfied Customers: 34,071

Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice

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Welcome to JustAnswer! If you've any queries once you've read my answer do ask. When satisfied, kindly click the Green ACCEPT button.

If the final sentence of your post is meant sincerely XXXXX XXXXX recommend you seek immediate professional help from your GP who can refer you to a counsellor or specialist that can help you talk through your concerns. In the meantime, the Samaritans may be able to help on the phone.

In a legal sense, are you able to clarify please - you say you were made bankrupt on Tuesday but you say a debt management co advised you to apply for bankruptcy. Have you been made bankrupt or has your company?

Customer reply replied 12 years ago

no never been made bankrupt before nor as the company but I am a sole trader we are not a company.

Solicitor: Joshua, Lawyer replied 12 years ago

So what do you mean when you say you were made bankrupt on Tuesday. Has a bankruptcy order been made?

Customer reply replied 12 years ago

yes a voluntary one no company as made me bankcruptIn brief I have been in this pub for 22 years and we refurbished 4 years ago spending over 80 thousand pounds when the recession hit we applied to the brewry for rent reduction ect they give us alittle more discount on beer, we are fully tied to Enterprise Inns. My finances went from bad to worse I couldn't pay myself and just paid rent and beer hence I am now in debt to the sum of 50 thousand plus i sought advice and was told it would be best to declare myself bankcrupt before any more debt encured.

Solicitor: Joshua, Lawyer replied 12 years ago

If the bankruptcy order has been made and it is a voluntary bankruptcy all you can do is work through the bankruptcy period. You should have been advised as to the implications of bankruptcy namely during bankruptcy:

You lose control of your assets.
You cannot obtain credit for over £250 without the permission from the lender.
You cannot act as a company director.
You cannot take any part in the promotion, formation or management of a limited company (LTD) without the permission of the court.
You cannot trade in any business under any other name unless you inform all persons concerned of the bankruptcy.
You may not practice as a Charted Accountant / Lawyer.
You may not act as a Justice of the peace (JP).
You may not become an member of parliament.
You may not become a member of the local authority.
Your credit is affected for many years after the annulment.
You may be publicly examined in court.

The advantages however are:

Relative peace of mind and possible automatic discharge after one year (or less in some cases).
For the creditors, bankruptcy allows a full investigation of the debtor's affairs to be carried out.

You may keep any tools, books, vehicles (if low value) and other items of equipment needed personally in your employment or business. You will also be able to keep your clothing, bedding, furniture and basic household items.Everything else is available to your trustee for liquidation to pay your creditors.

Customer reply replied 12 years ago

Enterprise want my husband to continue running the business can they take all furniture, fixture and fittings in the pub plus all kitchen equipment.

Solicitor: Joshua, Lawyer replied 12 years ago

Who has signed the lease and any agreements with Enterprise?
Is it just you or you and your husband jointly?

Customer reply replied 12 years ago

jointly

Solicitor: Joshua, Lawyer replied 12 years ago

OK thanks. No - they may not take equipment you need for your business - see above. Also your husband will jointly own some or all off this equipment too.

Joshua, Lawyer

Category: UK Law

Satisfied Customers: 34,071

Experience: LL.B (Hons), Higher Prof. Dip. Law & Practice

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