Discussions on life after your bankruptcy discharge.

Moderators: TalbotWoods, JaneClack

By Newbie
#466813 Hello

I am new to the forum. I went bankrupt in March 2007 and was discharged in October 2007. Since that time I have rebuilt my credit file and started afresh.

I got my first normal current account in November last year and have savings for the first time.

I am about to embark on a business adventure with 4 other people and wonder if you can help with some questions I have.

Can my new partners discover I am a bankrupt? All signs of my bankruptcy are no longer on my credit files.

We will be opening a business account but I am not planning to be one of the signatories.

Will a bankruptcy search have to be done when opening the bank account and registering the company with companies house?

Finally if I choose to get a mortgage one day do I have to declare my bankruptcy? Is this on the land registry permanently (I did not have property when I was made bankrupt).

Do you know what public records of my bankruptcy still exist?

Many thanks in advance, I hope you can help

Newbie
User avatar
By TalbotWoods
#466833 Hi and Welcome

Can my new partners discover I am a bankrupt?

Not normally, unless you tell them. However, other companies you are doing business with may carry out deeper checks that you would like, including snuffeling around the open public records. In which case they may find the bankruptcy and inform the others, but probably will never happen.

We will be opening a business account but I am not planning to be one of the signatories.

If you are not a signatory, then that implies you will not be on the account, in which case this is not a problem. If later on you need to go onto the account, then they will inevitably ask if you are or have even been insolvent, and we can only advise you to be honest about answering that question.

Will a bankruptcy search have to be done when opening the bank account and registering the company with companies house?

The bank account, maybe, that will depend on the policy of the bank, and what business formation you are taking. With Companies, not normally unless you are a disqualified director already, or have been subject to a BRO/BRU.

If I choose to get a mortgage one day do I have to declare my bankruptcy?

You will inevitably be ask if you have eve been insolvent, and we can only advice you to be honest. Some of the lenders routinely check the records for past bankruptcies, and if they find you have not been honest, then not only will you not get the mortgage, but you could have a fraud marker placed on your credit file, which could imping on your businesses.

Do you know what public records of my bankruptcy still exist

The Gazettes (London, etc).
The Insolvency Service bankruptcy records in Birmingham (specialist subscription).
Any websites that copy public entries of the IS Website/Gazette.
Local papers archives where the bankruptcies were advertised.



I would strongly suggest that as you are entering into a joint business venture, that you seek suitable legal advice on this. I have only been able to give a general reply, but your individual and family circumstances will have a huge impact on the full advice.

Tim
By Newbie
#466843 Hi

Many thanks for your reply.

There are five of us setting up a limited company, one of whom is the investor.

My bankruptcy was personal debt and I was never self employed or anything like that.

My new partner who I live with is not aware of my bankruptcy - I felt too ashamed to tell him.

I don't want to ruin this opportunity for him because of my past mistakes.

I also read somewhere that it is difficult to get public liabilities insurance for a discharged bankrupt.

My bankruptcy is in the past but I feel going into this venture might result in people finding out and dragging up the past.

Many thanks