If I Go Bankrupt Can I Continue To Run My Business?
If I go bankrupt can I continue to run my business?
For senior business managers or owners, Bankruptcy is not an option if you want to continue managing your business.
Where you have debts which you have no hope of repaying, bankruptcy can be an extremely useful solution, which over 6000 people a month use to solve their debt problems.
For those people who are not a home owner, or do own your home but have little equity in it then you will not lose your property in bankruptcy. You will also be able to retain reasonable household goods and personal possessions. However for those running a business it is not such good news. If you are running a business as a director of a limited company or as a sole trader, you need to be very careful before deciding to go down the bankruptcy route.
The effect of Bankruptcy on company directors
You cannot declare bankruptcy and continue to act as the director of a company or be involved in its management. This means that if you are a company director and want to remain in this position, bankruptcy is not an option for you.
It is also not an option to simply resign as a director and then to keep on running your business as before. Under the terms of your bankruptcy, this activity is not allowed.
