I am a Chartered Accountant who is in a steaming heap of debt. I live in a tiny house and haven't taken the micheal but due to family issues and economic pressures I have debts in excess of £120k with my spouse. My practice is a small limited company (just me) of which I am director and shareholder.
I have checked with my institute, and aside from making them aware, declaring myself bankrupt would have no bearing on my ability to practice as a chartered accountant.
I understand that I would not be able to act as a director (I could appoint a familiy member) but I understand that I would be able to continue to be a shareholder? This would satisfy the condition that more than 50% of the shares are held by a chartered accountant.
I know bankruptcy should only be considered as a last resort, but the chances of us repaying this debt are virtually nil. We strugggle to survive day to day and we have no equity in our house.
Has anyone else been in this situation, or can advise if there is anything else that would affect my ability to continue with my small practice (which has no assets except a 3 year old laptop and a very cheap printer)! Also, would I need to make my clients aware? Or would they be able to obtain the information (short of doing a credit check - which if they did anyway would raise concerns).
- Land Rover Discovery 3.0 SDV6 255 Comm Auto 2 seat 269 7
- The stupidity continues 280 10
- qualifying for 1/9th tax credit on foreign dividend 131 2
- HMRC & daft penalty 2,360 19
- Limited company director - other earnings in the tax year 90 1
- Overlap relief 742 19
- What is IRIS World like? 340 8
- Pension contributions 352 10
- Offsetting CT losses against another company 113 4
- Do you have to declare business expenditure on a personal credit card on your P11D? 468 11
- Do you use sign up lists on your website 153 1
- CIMA at the age of 35?? 445 9
- Setting up PAYE scheme without UTR 253 8
- Free project management software with Gantt charts, preferably on-line 201 1
- Share transfer question 327 16
- If you've had any issues posting: Please read this 553 10
- New Employers Helpline 153 3
- Budget 2015 - take two 217 3
- CIS Contractor has not issued tax deduction certificate to client 209 4
- VAT Query 217 2
- Has anyone been affected by the RBS payment breakdown? 433
- Straight line write off of Purchase Goodwill ??? 427
- WIP Software 291
- FRS 102 compliant illustrative accounts for an insurance company 286
- CGT, PPR and transfer of equity to spouse. 224
- No payroll scheme in place 223
- Software recommendations 212
- Do subcontractors on work for residential (student accomodation) construction 202
- Is there anything wrong with this? 195
- Small Part Disposal of Property 176