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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11564
Experience:  30 years as a practising solicitor.
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Dear Sirs I was one of the Directors, not one of the main

Resolved Question:

Dear Sirs
I was one of the Directors, not one of the main ones such as MD or FD, of a company that went into receivership about ten years ago. I am now about to do some business with a friend and need commercial insurance. the proposal forms ask if any partner or director has been involved in a company which went bankrupt. Do I have to declare the above or is it spent, I'm not keen to disclose to my friend my personal details to that extent if it can be avoided.
Thank you.
Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
There is no time bar on this kind of thing. A contract of insurance is a contract of utmost good faith and you have no alternative but to answer the question honestly. Some proposal forms would qualify the time period by asking if there was anything within the last 5 or 10 years, for example, but if this proposal form doesn't do that then you will have to declare the company which went into receivership.
Happy to discuss further.
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