i am currently personally bankrupt, i would like to start a limited company when i am discharged, can i get credit for my limited company right away? I would like to start a property holding company and will need a lot of finance.
The answer is a definite ‘No’ as not only are you barred from holding a Directorship during bankruptcy, but you cannot be seen to be influencing the running of any limited company – existing or proposed – in any way. We feel obliged to point out that while bankruptcy is a civil process, violation of this particular activity may result in a criminal conviction. However, once discharged, you are entitled to apply for credit but you might struggle to get it. With the amount of finance required it seems likely that the banks will ask for Personal Guarantees and they won’t consider you suitable so soon after bankruptcy.
Bankruptcy UK specialises in taking people through the bankruptcy process in a straightforward manner. We will assess your circumstances then submit the bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for an informal chat about your circumstances on 01425 600129.