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).
- Entrepreneurs' Relief upon sale of a cash rich company 2,030 35
- Digital tax accounts - what do we expect? 1,129 21
- Capital losses on foreign property 135 1
- Creative Auto Enrolment 669 10
- self employed losses 93 1
- Unpaid fees 386 9
- Vat payable on van 290 2
- Accounting for corporation tax 548 13
- AccountingWEB survey 298 2
- Is self-employment "another job" for PAYE 585 12
- Change PAYE agent address 128 1
- Account and Taxable Profit 551 22
- Save QCD's 315 6
- Tax Calculations 752 11
- Bankstream 1,204 28
- Disengagement Help! 1,267 19
- Website costs (intangible assets) tax relief 131 1
- Probate services 588 18
- Cash gift from India 432 12
- Corporation Tax releif for stolen "Bond" 137 1