Desperate Times

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).

Thank you!

Comments
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"Chartered Accountants"

davidwinch |
davidwinch's picture

Sorry to hear this

dbowleracca |
dbowleracca's picture

Alternative

yourobedientservant |

sorry

mr. mischief |
mr. mischief's picture

Been there, done that, got the T-shirt

Albert Camus |
Albert Camus's picture

I think that the help Albert

paulb |
paulb's picture

Check your inbox

wilcoskip |

Yes, got the T shirt also!!!

tonyturner |

Shares will go into your estate

brianheg |

thank you Albert

pippa |
pippa's picture

Mental Health

Ermintrude |
Ermintrude's picture

A positive contact, perhaps?

MartinLevin |
MartinLevin's picture

But are they your shares anyway?

Crassus |

Decide your priorities

peterhool |

Only take advice from a qualified professional

41115BARRI |
41115BARRI's picture

@ 41115BARRI

Albert Camus |
Albert Camus's picture

Been there, done that got the T-shirt

MikeLee |