Can you be a shareholder when bankrupt?

My client was declared bankrupt last year. In the meantime he has a successful sole trade. He wants to incorporate as the business is going well with his partner as director until he is discharged (next year).

What are the pitfalls in this?

Presumably he can still be a shareholder?

 

It feels a bit wrong however.  Is this common?

 

Thanks in advance

 

Sheffield

 

 

Comments
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You cannot be a director or

bernard michael |

What business?

pawncob |
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Although declared bankrupt

johnjenkins |
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Bankruptcy

petersaxton |
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@Peter

johnjenkins |
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John

petersaxton |
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Limited companies

ShirleyM |
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@Peter

johnjenkins |
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Late to this one ...

Old Greying Accountant |
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Supervision

petersaxton |
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Great idea Peter

johnjenkins |
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confused

petersaxton |
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Yes John ...

Old Greying Accountant |
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Creditors?

wilcoskip |

There's plenty of creditors

petersaxton |
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That is in effect

johnjenkins |
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well well

carnmores |
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Not every bankrupt

petersaxton |
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lol i thought you would comment Peter!

carnmores |
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Reading needed

petersaxton |
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In defense of my client he

sheffieldaccountant |

Reality

petersaxton |
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Too many ingrained attitudes on this thread

zarathustra |
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Stygmatise?

petersaxton |
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Peter

carnmores |
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They did?

petersaxton |
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This was one of the comments I was referring to-

zarathustra |
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I'll agree with you there

petersaxton |
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