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Bankruptcy petition nat west old co debt - concerned re new co ltd

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  • Bankruptcy petition nat west old co debt - concerned re new co ltd

    Hello Legal Beagles Forum
    I have spent a lot of time over the past 2 weeks on YouTube the university of information, where I feel comfortable with the advice, thank you Moneynerd and Oye especially.
    2019 my old co went into insolvency and all creditors were contacted by PayPlan to set up small monthly payments to keep them at bay as I was hospitalised for my mental health for a few weeks.
    A while after the above, I had a home which I sold that the creditors had personal guarantees with, but no hold was issued against the property, I used the money to pay off humans I owed not corporations and purchased the name of my old co and started a new co with the same name, but London added.
    PayPlan did a lot for me though after advice from my accountant and doctor I paid a company called Better Debt Advice £1500 plus VAT to speak with the creditors, they promised the earth and did not deliver anything promised. With new co launched and the pandemic and under the care of NHS MH BDA were paid to take the stress and speak and negotiate for a resolution for all creditors. This never happened, hence why I am trying my best myself to get a fair resolution which is sustainable.
    12 weeks ago, I had a surprise Bankruptcy Petition from Nat West Overdraft re old co though with a personal guarantee. Realising BDA had not spoken with Nat West, I opened dialogue with the creditor’s solicitor. I also contacted the other 9 creditors, and they were told about the Bankruptcy Petition, and I offered 35p in the £1 to all paid off over 3 years. Nat West the petition declined my offer. I am the only director of new co, and the company has made some money during these trying times.
    If on the 3rd of December I am made Bankrupt, can anyone tell me what will happen to new co ltd which is free from all the debts from previous corporate creditors with old co.
    I feel I am at no better a place than 2019 re old co’s insolvency.
    If anyone has some solid facts what will happen, I will be very grateful to hear.
    Thanks P

    Tags: None

  • #2
    Hi PJO

    des8 Can you please take a look and advise, many thanks.


    • #3

      Sorry, can't really help as not my field, but you might find this link helpful: https://www.thegazette.co.uk/all-notices/content/103391


      • #4
        The insolvency act allows creditors to apply to the court to force your new phoenix company to pay the debts of your old company.

        A phoenix company is a new company rising out of the ashes of an old company sharing the same directors even if they are shadow directors.

        A shadow director is someone who is not named on company documents but is actually running the company from the shadows.
        Last edited by EnglandPi; 15th December 2021, 11:20:AM.


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