Self Employment Bankrupt – Can I start a business when I am bankrupt
When people enter bankruptcy the process should be explained to them fully. All duties and obligations to cooperate with The Insolvency service should be stated to you. There are no restrictions placed on an undischarged bankrupt that will prohibit them from being a self employed sole trader.
If you were a self employed sole trader prior to entering bankruptcy then you will not be able to continue to trade using the same name. You will have to change the name in order that it is not similar in any way to the trading name that was used when prior to going bankrupt.
You need to establish the reasons as to why you want to consider the option of self employment and whether you can really make a financial success out of doing it. You have to face facts and be realistic because the last thing you would want to happen is to end up repeating the same mistakes again. Having a fresh srat is important. Important in many ways. as you have the ability to think about the problems that you previously encountered and make sure that you are prepared to overcome the obstacles and challenges of before.
How long is it when you can open your own business when made bankrupt? Can I be a Self Employed bankrupt
If you are referring to a Directorship, it will be possible once you have completed the 12 month bankruptcy period. However, there are no restrictions about being self employed or acting as a sole trader. There are a few provisions to note, especially about how much you can borrow, but it is otherwise commonplace.
Bankruptcy UK offers bankruptcy help across the board and will submit your application online. Court appearances for bankruptcy are no longer required. Feel free to call us on 01425 600129 for a chat about your circumstances.