Statement of Affairs - Debtors Petition Form 6.28 (Q 1.17) filling in form advice please

[Alcancreate]

Hi all.

I am considering going bankrupt, and have downloaded the forms requested.

I am unsure what I should answer on from 6.28 (Debtors petition - statement of affairs form) on question 1.17 - it asks: "Are you or in the last 5 years have you been a director or involved in the management of a company? yes or no?"

 

Now, I have been running a very small company as a Sole trader for the previous 2 years, and actually have a 2k overdraft debt with the bank (lloyds) who sold it to a Debt collector. I was not reg'd for VAT (way too small, or with companies house, ditto and kept no books - ditto) it was just small small time.

But I was a sole trader.

 

In this instance what do I answer? I know I was not a director, but does being a sole trader mean I was involved in the management of a company? (sorry if being thick, just want to be sure). - the next question they ask is about being self employed in the last two years, so thought this was more meant for me?

 

At the same time, after bankruptcy are you aloud to become a sole trader again? or is that again restricted for the year? or is that just being a director??

 

Any help and advice very much appreciated.

Jenny

[Conniff]

Moved to more appropriate section.

 

 

Debt subforums:-

Formal Solutions: Bankruptcy, Administration Orders and IVAs

[marmaris30]

A sole trader is not a company, so you are neither a director of nor involved in the management of one. To form a company, it has to be registered at Companies House, and you say that you are not.

 

There is no restriction on bankrupts trading as sole traders or in partnership, as long as you comply with the restrictions on you personally (e.g. no credit over £500 without declaring status etc., plus you must mention your own name if you trade under another name).

 

If at some time you did want to form a company, you would have to wait until you are discharged as bankrupts are not allowed to be company directors.

[debtinfo]

Yep all that which marmaris said

[Alcancreate]

that's great, thanks for clearing that up, thanks guys.

if i have any more q's I'll be back, what a site, I love it when people act together to help each other.

J X