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).
- incorrect old p60 418 11
- Cashflow forecasting software 282 4
- Letter to HMRC over 3 months ago, still no reply 1,909 19
- Companies House paper incorporation - date of birth omission 259 4
- Turnover on a tax return 222 7
- US company hiring UK citizens in UK 237 3
- VAT refund 155 1
- Is there an AIA calculator anywhere 233 1
- Reclaiming VAT on refurbishment cost? 262 3
- Missing tax return 381 4
- Are you going to Tick and Bash on 21 May? 1,115 30
- Inflation and fees 1,400 24
- Sage Priority Support 186 3
- Cost of demolition of a shed - revenue or capital? 839 24
- Micro-entity accounts 283 1
- Related party disclosure 231 3
- Company reconstruction 163 1
- Rolled up interest and late interest rules 244 6
- US LLC - anomaly in UK and US treatment 169 3
- Basic Tools and PAYE succession 196 1