Limited Company and Personal Bankruptcy - in which order?

[smarter2ndtime]

I'd like to start this thread with a big, fat 'mea culpa' and declaring my limited company insolvent AND declaring personal bankruptcy are the only routes left to me & I'm at peace with that.

 

I have confirmed this having spoken with my accountant, an insolvency practitioner the accountant recommended, the Citizens Advice Bureau and Business Debt Line.

 

My question, however, is in which order do I execute these?

 

Business first then personal?

I've had conflicting advice from the IP and BDL.

 

I only want to do this once (obviously) and do it right so am nervous of starting in case my decision leads to adverse recourse.

 

Please all you smart, helpful people, please advise?

[BazzaS]

I'd like to start this thread with a big, fat 'mea culpa' and declaring my limited company insolvent AND declaring personal bankruptcy are the only routes left to me & I'm at peace with that.

 

I have confirmed this having spoken with my accountant, an insolvency practitioner the accountant recommended, the Citizens Advice Bureau and Business Debt Line.

 

My question, however, is in which order do I execute these?

 

Business first then personal?

I've had conflicting advice from the IP and BDL.

 

I only want to do this once (obviously) and do it right so am nervous of starting in case my decision leads to adverse recourse.

 

Please all you smart, helpful people, please advise?

 

I don't know for sure, but my initial thoughts are:

1) Bankruptcy makes you ineligible to act as a director. If you are the sole director then your company won't have a director to make it voluntarily insolvent.....

2) Have you given any personal guarantees?. If so, you want to make the company insolvent such that any guarantees might be activated, and then ensure they are included in your personal bankruptcy ......

 

So, unless there are good reasons to go personal before company, I'd liquidate the company first ........ do those suggesting personal first state why?

[smarter2ndtime]

Thanks, BazzaS, your suggestion does make sense. I am a sole director but have given no guarantees in that capacity; I do have an outstanding director's account though which I ready to be listed under the personal bankruptcy.

 

The IP suggested I should get on with personal bankruptcy because the company's creditors (HMRC & a bank) will wind it up anyway.