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Alex J.
Alex J., Solicitor
Category: Bankruptcy Law
Satisfied Customers: 3932
Experience:  Bankruptcy, liquidations, administrations, pre pack sales, re use of company names and director duties and offences.
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After I produced a feature film I got cornered with the film

Customer Question

Hello. after I produced a feature film I got cornered with the film expenses. I don't want to bankrupt my limited company nor myself however both the company and I we are about £8000 in debt each. I read many online adverts that are proposing up to 85% off but I am not sure if I can trust them or is it just another scam. I was thinking of bankruptcy but what I read online it had horrific consequences. All I need is an advice what to do. Maybe over the phone if possible.
Submitted: 6 months ago.
Category: Bankruptcy Law
Customer: replied 6 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call.
Customer: replied 6 months ago.
Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Alex J. replied 6 months ago.

Thank you for your question and welcome. My name is ***** ***** I will assist you. Who do you owe the money to? Does the company have any assets and can it continue trading? Kind regards AJ

Customer: replied 6 months ago.
Hello, The company bank account is overdraft + 1 credit card. I don't want to lose the company name, and there are couples of small assets like film equipment or my computer that I need for work. When comes to my personal debt its credit cards mainly. A
Expert:  Alex J. replied 6 months ago.

Thank you. Do you have the funds to repay the cards over time?

Customer: replied 6 months ago.
This is going to take a long time over this online conversation. The company has no founds and I have also personal debt that I have to deal with. I have a film that I produced and that I want to save and also the name of the company. Could I change the current name to something else, open a new company with the name this company has currently, then sell the film to the new company and bankrupt the old one?
Expert:  Alex J. replied 6 months ago.

Thank you. If you are sole shareholder changing the name is possible, will you be a director of the new company? Kind regards AJ

Customer: replied 6 months ago.
I will and I am sthe sole shareholder
Expert:  Alex J. replied 6 months ago.

Thank you. Yes you could form the company and then swap the names, but if Old co goes insolvent within 12 months and your are the director you would need a court order to keep using the name - S.216 and 217 of the Insolvency Act. You could become personally liable for the old co debts, without the court order. Kind regards AJ

Customer: replied 5 months ago.
I don't understand how this works
.
Expert:  Alex J. replied 5 months ago.
Thank you. As a starting point - will you be able to keep old co solvent or will it need to go into liquidation - once new co is formed? Kind regards AJ