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).
- Pre- trading Expenses 68 1
- IRIS Practice Management 124 1
- Need qualification back due to clients' banks needing my references 228 7
- Was I rude 765 19
- Company overdue but wants to be struck off 175 5
- Dividend payments and shareholdings 165 3
- Corporation tax due date confusion 296 4
- You cannot be Serious!!! 238 1
- Top slicing relief question 230 2
- Valuation of PET on death 108 2
- Incorporation - any tax advantage? 263 6
- Share swap 289 8
- Non Registered trader selling to Malta 88 1
- Online filing 157 5
- Payment for goods received on last day of quarter but refunded the next - what options are open here? 328 13
- New client, prev accountant disappeared 1,711 25
- EC sales list and reverse charge 105 2
- Converting a barn for business use 98 1
- If an invoice is sent and paid does a contract exist 239 9
- Threshold for RTI submission 125 2
- Skandia using wrong address 1,477
- Nil Rate Band Trust - index linked debt by way of charge over property 810
- Any views 728
- International interest certificate 445
- Stamp Duty on share for share exchange 418
- Sale of business 388
- NOVA 282
- IRIS Open Books problem 280
- farming-related R & D tax relief claims 197
- Expenses claim for non employee 188