Bankruptcy can have serious effects on your business and these must be considered before you take any action.
If you are self-employed you may be able to continue trading after you have declared yourself bankrupt. Be very careful if you have assets associated with your business, as the official receiver may wish to use these even if they are considered as ‘tools of the trade’.
If you have a limited company you will not be allowed to continue as a director.
Once you have become bankrupt, you will not be allowed to take any part in promoting, forming or managing a limited company without the court’s permission.
During your bankruptcy you will not be permitted to trade in any business under any other name unless you first inform all persons concerned with the bankruptcy.
Bankruptcy can also affect your membership of any professional bodies.
This is a complex area, so we recommend you contact us for further advice.