Bankruptcy

[Evans Electric]

I'm asking for any experiences with bankruptcy as requested by The Godfather ( or was it an order) As I said in the thread , my mate's went on for 5-6 years . I worked for him at the time , I remember them coming for his Jag , our Renault Traffic and Escort . And the Administrators took a the massive lion's share of any monies.

 

[Apache]

And the Administrators took a the massive lion's share of any monies.

Admin & Admin 2?

 

[SPECIAL LOCATION]

Admin & Admin 2?

they used it to start up this place? ]

 

[Apache]

they used it to start up this place? ]

I see

 

[SPECIAL LOCATION]

I'm asking for any experiences with bankruptcy as requested by The Godfather ( or was it an order) As I said in the thread , my mate's went on for 5-6 years . I worked for him at the time , I remember them coming for his Jag , our Renault Traffic and Escort . And the Administrators took a the massive lion's share of any monies.

Sorry DekePray

Keeping this on topic.. No I have no experiences of Bankruptcy, But thanks for starting a separate thread for those who have.

 

[green-hornet]

I know of one instance where a trader was made bankrupt through no fault of his own and was discharged after only 3 months.

However I do believe it is now normally 12 months.

Years ago it lasted 6 or 7 years.

 

[chrishornby]

I think it's 12mths but as said before it stays on your record for 6 years. It's the companies you apply to for credit that make the decision whether they grant it or not i.e. their own policies on risk etc.

 

[batty]

I think it's 12mths but as said before it stays on your record for 6 years. It's the companies you apply to for credit that make the decision whether they grant it or not i.e. their own policies on risk etc.

Yes when you open an account you are asked about bankruptcy but I suppose if you started up again you could pay cash.

Batty

 

[Pyro]

I'm asking for any experiences with bankruptcy as requested by The Godfather ( or was it an order) As I said in the thread , my mate's went on for 5-6 years . I worked for him at the time , I remember them coming for his Jag , our Renault Traffic and Escort . And the Administrators took a the massive lion's share of any monies.

Yes, I had the experience of NaffWest in 1988. It was a ltd business liquidation, but still no less painful. My contempt, mistrust and dislike for NaffWest is documented in other posts.

The liquidator's "fees" by some miraculous feat of modern mathematics was, to within a couple of pounds, the same amount as the value of the assets sold. Gee, I wonder how they achieved that? The natural line of thought are questionable accounting practice and legalised theft. To this day I am deeply suspicious, but as a mere technically capable guy and not a bean-counter I expect I will be forever ignorant of the truth.

Pyro.

 

[Evans Electric]

To this day I am deeply suspicious, but as a mere technically capable guy and not a bean-counter I expect I will be forever ignorant of the truth.

Pyro.

Well lets face it , Pyro, the working population in this country has always been kept ignorant of the truth. Our financial future is in the hands of the bean counters. :_| Pity they do not exhibit the qualities and professionalism of the electrical trade.

 

[The Godfather]

I know of one instance where a trader was made bankrupt through no fault of his own and was discharged after only 3 months.However I do believe it is now normally 12 months.

Years ago it lasted 6 or 7 years.

5 years.

The Godfather

 

[Apache]

There was a programme on ITV this evening saying that Bankruptcy stays on your credit file for 6 years.

 

[The Godfather]

There was a programme on ITV this evening saying that Bankruptcy stays on your credit file for 6 years.

The term of bankruptcy is not the same as the mark on your credit file.

Don

 

[Apache]

The term of bankruptcy is not the same as the mark on your credit file.Don

Fair point

But it's the credit file that follows you around!

 

[The Godfather]

Fair point But it's the credit file that follows you around!

Well the Don doesn't make the rules, in what does appear to be an unfair and restrictive set up.

6 years for what reason?

The Godfather

 

[Apache]

Well the Don doesn't make the rules, in what does appear to be an unfair and restrictive set up.6 years for what reason?

The Godfather

I honestly don't know the reason for 6 years. I do know that although bankruptcy is sometimes the only way out for some people there has to be some comeback and ramifications. Or i'll declare myself bankrupt, get out of me student loan (still more money than I earn in a year) and start from scratch.......

I wouldn't lend my money to someone who was bankrupt last year.

It's the irresponsible lending that has caused most of the problems we are in at the moment. You could argue that 6 years isn't enough!

 

[The Godfather]

Perhaps, Apache.

But even a CCJ (Even if paid off within 2 months say) will stay there, for 6 years.

Don

 

[batty]

I agree with patch on this. I understand that some people have to go bankcrupt due to others not paying them and also people due to illness but you also have people living beyond there means and when the s..t hits the fan they go bankcrupt owing others thousands. The problem has been people can get to much credit and now it is stopping. I do not think it is fair that companies can go bankcrupt owing people money and then can start up in another name. I have been on the receiving end of companies that have done this and it makes my blood boil.

Batty

 

[Apache]

Perhaps, Apache.But even a CCJ (Even if paid off within 2 months say) will stay there, for 6 years.

Don

The vast majority of creditors will give people as much chance as they can to pay. A CCJ takes time and money to grant. If it's got to the point of going to court I would have thought they would be at a much higher than usual risk of defaulting.

Giving credit is an extream form of gambling. The company lending the money needs to be reasonably sure it will get it back and make something on it.

If people default it costs us all money

 

[The Godfather]

Well, while you are a 'undischarged bankrupt' you are effectively a leper within society, until discharged.

But even then, you have a mountain to climb.

Don