About to be made bankrupt

[scedminc]

Hi,

 

 

I am about to be served with a bankruptcy petition and really need to know something.

 

 

the bankruptcy relates to a personal guarantee that I signed a few years ago for a company which then ran up a debt after I left.

 

 

I do not have the money to pay for this debt and even if it did I wouldn't.

 

 

I have a car which is registered in my name but purchased by my existing company of which I am a director.

 

 

Because I knew I was going to be bankrupt my wife started a new company in her name of which she is sole director.

 

 

 

can I get my wife to buy the car from the company

 

 

I am a director of so it cannot be touched.

 

 

Technically I don't own it

 

 

so think it should be ok and

 

 

hen it gets registered in my wifes company name instead of mine or hers?

 

 

Many thanks

[Guest]

they can investigate things prior to bankruptcy, so dont be surprised if they pick up on something like that. if the car is registered in yr name, then its yours.

[scedminc]

Hi,

 

 

Thanks for the reply however I don't think that's actually correct. A registered keeper is no necessarily the owner of a vehicle and I can clearly prove that the payment for said vehicle was made via my limited company business account.

 

 

Whilst I agree they can look into the past, I wanted to make sure that they cannot remove anything from a limited company despite me being sole director and shareholder. In fact the correct route they would surely have to take is to wind up the limited company.

[Guest]

hi

true. an owner and keeper can be different. was just a thought

yes, wld be different re a co if co. is the G. (had thought was a personal G )