question category: Bankruptcy

Husband is a sole trader about 2 go b/rupt can wife take over business
Submitted on: 3rd Feb 2010 by Non-Member | Total Answers: 1

I am about to be made bankrupt for a debt of £4000, am a sole trader, is it possible for my wife to start running the business in her name.

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Re: Husband is a sole trader about 2 go b/rupt can wife take ...

You shouldn't have a problem running the business as a sole trader in your own name - even if you are made bankrupt. There will be restrictions on the amount of credit you can obtain and other restrictions which will be explained to you but bankrupts are allowed to earn money!

What you mustn't do is set up a partnership or a limited company.

Depending on your total financial situation you should be looking at the alternatives to bankruptcy if the sum owed is so small, it could cost you a great deal in the long run.

You need some advice on your options. Contact Debt Advice Foundation.

Submitted on: 9th Feb 2010 by Darren Member

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