If you have a Pub and go bankrupt are your debts paid off even if you got paid out in a divorce settlement i.e. would i have to pay the creditors from my settlement? I’m anxious to avoid losing the settlement to the Official Receiver.
There are a number of issues here. Are you a Director or Self Employed? Are they the pub’s debts or your personal debts? Do you have a lease in your personal name or, if not, have you signed any personal guarantees with the pub chain?
We can’t really give a definitive answer until we know more, but if you are personally liable then the divorce settlement is under threat. We have had a spate of similar enquiries recently and in all but one of these, Personal Guarantees had been signed and the individuals were personally liable. If you have somehow avoided this and are a Director rather than Self Employed then you might have dodged a bullet, but we need to know more.
Bankruptcy UK will guide you seamlessly through the bankruptcy process as we have been doing since 1998. We will avoid jargon and confirm all discussions by email within 30 minutes. Call us for a chat about your circumstances on 01425 600129.