I am being advised by an online copmany regarding my circumstances.
Debts are in region of £120K. Massive negative equity in a property that was repossessed.
Being advised IVA is best solution. However, as mentioned, concerned of length of time to complete and dramatic increase to monthly payments for four years of £650 per month.
I currently have no assets anymore.
Every company seems to push to an IVA rather than bankruptcy.
I suppose it can be assigned to another member of the team. I am just wary of the reaction of my directors if I am declared bankrupt. Not sure of best route. My current role is to manage a £3million a year business, if bring to attention of directors worry their view on me will change.
I am the designated premises supervisor for a 80 bedroom hotel, serving alcohol throughout. I hold a personal licence.
How long does a bankruptcy last, it it correct 12 months and will I be allowed to be DPS after this period?
So in my case if the employer is accepting of the bankruptcy is a better option than an IVA?
Hi Max, have opted for bankruptcy but dont know where to turn to do sort this. Do I need to use a specialist to do this for me
Hi Max, your advise has been great thank you. I have come home from work and have been sent a letter to say that the RBS wants to serve a Bankruptcy petition. They are using a solicitor. He wants to come on Tuesday. Do I simply proceed with this, will this prevent costs to me and will it be easier to deal with?
you are giving a lot of advise and want this to continue, can I add extra fee at the end? Next question would be what is the process that is now going to follow? i.e. what happens once the petition is served?
Seems straight forward enough. What is the likely event of me having to pay money into the bankruptcy each month. Although I earn a good salary, my disposable income at the end of each month equates to around £150 and then I am in addition going through a divorce and have to add these costs into it as well.
Hi Max, further question to you. I have spoken to a licencing legal executive who says that I am not the personal licence holder I am simply the designated personal supervisor. DPS. which would not be effected by the bankruptcy. Can you confirm if this is correct?
Sorry, this continues. Do you need me to open a new question on this? Below is her response. Please advise me.
I have had a good look at The Licensing Act 2003 and as I said yesterday there is no need for you to worry it is the licence holder who cannot hold a licence if declared bankrupt rather than the DPS, Squire Hotels are the licence holders. See paragraph below. The only time that a Personal Licence can be revoked is if you commit a relevant offence. I can let you have a complete list of relevant offences if you like but I think it unlikely that you will commit any of the offences any time soon.
Licensing Act 2003
Duration of licence
26 Period of validity of premises licence
(1) Subject to sections 27 and 28, a premises licence has effect until such time as—
(a) it is revoked under section 52, or
(b) if it specifies that it has effect for a limited period, that period expires.
(2) But a premises licence does not have effect during any period when it is
suspended under section 52.
27 Death, incapacity, insolvency etc. of licence holder
Ribble Valley. (Lancashire)
These things are definately not straightforward. I have checked, I am only the DPS and not the premises licence holder, the company is. I have just had this confirmed. So are we saying this is okay?
Hi Max, the council have confirmed the following:
The Premises Licence is in the name of Squire Hotels Limited and you are named on the licence as the Designated Premises Supervisor.
This is then okay? Sorry just want to be double sure.
Perfect, thanks Max!!!