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Alex J.
Alex J., Solicitor
Category: Bankruptcy Law
Satisfied Customers: 3655
Experience:  Bankruptcy, liquidations, administrations, pre pack sales, re use of company names and director duties and offences.
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Thank you very much. Your response was very useful. I have

Resolved Question:

Thank you very much. Your response was very useful.
I have another query.
I am a sole trader of a business. I have 1 employee. I am forced to cease trading as my gas supply has been disconnected and I cannot afford to have it reconnected. I also cannot afford to pay the redundancy costs. But I am thinking she may be able to make a claim through the national insurance fund? Is this correct? (I hate to know that she will be out of pocket because of my misfortunes)
Anyway the business has a few low value assets. Am I allowed to sell any of these assets to raise the costs for filing for bankruptcy? Or will that be seen as acting dishonest?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Nicola-mod replied 3 years ago.
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Nicola
Customer: replied 3 years ago.

yes please. i will continue to wait.

Expert:  Nicola-mod replied 3 years ago.

Hello,

We will continue to look for a Professional to assist you.

Thank you for your patience,
Nicola
Customer: replied 3 years ago.

Smile

Expert:  Alex J. replied 3 years ago.
Hi

Thank you for your question and welcome.

Thank you for requesting me.

Yes she can claim part of the redundancy cost through national insurance. Here are the details https://www.gov.uk/your-rights-if-your-employer-is-insolvent/claiming-money-owed-to-you .

Most of the bankruptcy petition costs are in the deposit which is refundable to the bankruptcy pot. If bankruptcy is in the best interests of your creditors then I cannot see how paying your assets in part towards this would be dishonest. The alternative is you just sit and wait for bankruptcy which would cost your creditors money anyway.

Can I assist any further?

Kind regards

AJ
Alex J., Solicitor
Category: Bankruptcy Law
Satisfied Customers: 3655
Experience: Bankruptcy, liquidations, administrations, pre pack sales, re use of company names and director duties and offences.
Alex J. and 2 other Bankruptcy Law Specialists are ready to help you

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