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Topic starter
20/12/2011 6:40 am
Hi there
I have been discharged from my sequestration back in June this year. I have just been offered a position as a contractor which will improve my income. Can you please advise what implications there are to me. I believe I am unable to be a director of a company whilst sequestrated but think I can now as I want to create a limited company.
I am also unsure as to how I will declare my income to my insolvency practioner as I will now have so many more additional outgoings for the likes of pensions, indemity insurance, other types of insurances and business related expenses. I also need a business account but think this maybe very difficult to open due to my credit rating.
Can you please provide any advice around this?
Thanks
20/12/2011 8:00 am
Hello confused69.
As you have been discharged from sequestration you can be a company Director.
I think you will want to have a chat with your insolvency practitioner about which types of expenditures they will allow to be set against your income, or whether they'll just want to see your company accounts and/or personal tax records and bank statements.
A limited company is a separate legal entity to you, so I'm unsure how much say your IP could really have about what the company spends it's money on. This might be different if you were a sole trader though.
Would you be getting an accountant?
Business bank accounts during a trust deed have been discussed here before and have been a tricky issue for some visitors. Post sequestration it may be a little easier, but I'd suggest having a frank conversation with your bank and/or others on this subject before you take the plunge.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
20/12/2011 12:15 pm
Thanks for the advice. I would plan to get an accountant and a bookkeeper to ensure all the financials are kept in order.
