Ltd company

[grtforestry]

I wouldn't be able to sleep at night knowing I owed money out, but the bank where really hard on me even tho I was working like a mad man to pay it back.

 

 

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[Steve Bullman]

I was dropped in it for £400 by a company that went bust then started up the next day with a very similar named company.....ok it was only £400 which is nothing by big business standards, but to me its £400. If an opportunity arose for me to get back at that company in some way i'd take it in a heartbeat. I don't know how people can go through their lives screwing people over like this.

[WelshMan]

I was talking to a guy at the weekend who said my mistake was that I hadn't gonna ltd, when I asked what he ment he said if I had been ltd and I saw things were going bad I could of sold all the gear defaulted on the loan declared my self bank rupt and walked away with out having to pay any loan back and with them being able to take my house.

 

The guy sounds very confused.

 

What would the point of having a limited liability company if you intended to go bankrupt?

 

If you go bankrupt the trustee in bankruptcy can sell your house.

 

I suspect that he meant liquidation of the company rather than personal bankruptcy.

[grtforestry]

He did offer me some work felling edges trees but I declined!

Nice guys might finish last but at least they finish with out having to look over there shoulder.

 

 

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[kentjames]

You could go bankrupt but your unlikely to get finance with a company which has less than 3 years accounts in its own name, therefore you would have to add yourself to the agreement which would then mean they would have recourse back to you if you pulled the plug.

 

If you did that, and got away with it through not paying it back, it would effect your credit score and ability to get finance or loans in the future.

 

In short, you did the best thing, both legally, morally and financially

[StephF]

Hi Grant, you did the right thing, the friend I knew who had a ltd co. and his business failed, managed not to loose his home, but had a visit from some 'heavies' who bundled him into a van and tried to get money owed to a very angry supplier out of him, threatened to hurt his family if he told anyone etc. Afterwards he had a severe breakdown.