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JGM
JGM, Solicitor
Category: Law
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Experience:  30 years as a practising solicitor.
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I have been advised by an insolvency firm to set up a ltd company

Customer Question

I have been advised by an insolvency firm to set up a ltd company in my wife's name and then bankrupt myself to clear tax debt, I would then work for her company as an employee, is this legal?
Submitted: 1 year ago.
Category: Law
Expert:  JGM replied 1 year ago.
Is there any suggestion of transferring assets from your name to the new company or is it just for future work. If the former that could be challenged. If the latter you should be OK, however, consider your position carefully as regards ***** ***** you could lose your house and any other assets you have at the moment. Happy to discuss further. I hope that helps. Please leave a positive rating so that I am credited for my time.
JGM, Solicitor
Category: Law
Satisfied Customers: 11027
Experience: 30 years as a practising solicitor.
JGM and 2 other Law Specialists are ready to help you
Customer: replied 1 year ago.
as I understand it its so I can basically keep the premises and carry on trading with the agreement of our landlord.
they have said that the new company would purchase any stock and equipment, I don't have any assets at all our home is rented and I have no savings, I do lease IT equipment and mobile phones they seam to think the new company can take them on?
thanks for you help on this, it sounds ok but we have slight reservations, they say that lots of sole traders do this and is legal, they are asking for £4000 to manage this process, I'm happy with that but I don't want to fall on the wrong side of the law.
Customer: replied 1 year ago.
now on ***********
Expert:  JGM replied 1 year ago.
You would have to check the position with your landlord and any insolvency provisions in your lease. The new company can take on the contracts as long as the various providers agree. The insolvency company is, I presume, going to manage your bankruptcy but I doubt they will be sorting out the future makeup of your business. i think you should check out quite carefully what service you are going to be paying for as you might not need them at all. You could just let HMRC do their worst and set up a limited company via your own accountant.

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