I am an accountant how will bankruptcy affect me?
I am an accountant thinking of entering bankruptcy – how will it affect me? I have personal guarantees that I cannot meet. I am a partner of a licensed practice and looking for help with this debt. What should I do?
You have to think very carefully about these decisions. The answers are variable depending on circumstances. For example are you at the end of your career? because if you are in the middle of your career then bankruptcy would be the last thing you would want to do.
If you have unmanageable debt and need a fresh start, bankruptcy could be the answer buy as we say..Circumstances, and if this is going to wreck your future then avoid it if you can.
If you think that bankruptcy is the option and you are a director of a company you will need to step down from directorship by resigning and informing companies house that you have ceased trading. Likewise, there may be restrictions on practicing as a Chartered Accountant during the same period, though lesser roles might not be a problem.
You also need to establish what assets you have and whether these might be under threat. For example, if you owned a property with negligible equity it wouldn’t be under any immediate threat. You could argue, however, that even if there was, say, £30,000 equity and the personal guarantees totalled £150,000, it might still be in your best interests to proceed. Until we have a complete picture we can’t say for certain and we therefore ask you to call in when you have time.
Bankruptcy UK has been helping people with insolvency since 1998 and has the experience to get you the right result every time. We will avoid jargon and confirm all discussions by email within 30 minutes. Call us for a chat about your circumstances on 01425 600129.