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Limited company whilst in Protected Trust Deed

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(@eddie)
New Member
Joined: 2 years ago
Posts: 4
Topic starter  

Hi, i have been self employed for 20+years, sole trader. I have a new business idea which will generate a lot of revenue in 2 to 3 years. I have already knocked back a 300k contract as i do not know where i stand with my PTD.
Can i be a director, no credit is required as i already operate in the same line of business as a sole trader and have all the means to get started.
My accountant says i cant do this but more research tells me she is incorrect.
Please help.
Trust deed is approaching the end of year 3 with end date december 2023.
Many thanks,
Eddie.


   
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(@smithyj)
Eminent Member
Joined: 3 years ago
Posts: 21
 

Hi, I think the guidelines clearly state you can't be a director of limited company whilst subject to any form of bankruptcy, which is TD is, so think your accountant is correct


   
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(@eddie)
New Member
Joined: 2 years ago
Posts: 4
Topic starter  

Thanks Smithyj.
According to what i have read, bankruptcy and a Trust Deed are 2 completely seperate entities and not the same.
Hoping for more legal advice on here. #128077;


   
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 tigh
(@tigh)
Trusted Member
Joined: 4 years ago
Posts: 54
 

https://trust-deed.co.uk/self-employed-company-director.html

This link might answer your query


   
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(@eddie)
New Member
Joined: 2 years ago
Posts: 4
Topic starter  

Thanks tigh.


   
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Kevin Mapstone
(@kevin-mapstone)
Member Admin
Joined: 15 years ago
Posts: 4237
 

Hi Eddie. It is possible to be a director of a ltd co whilst in a Protected trust Deed, as long as the articles of association of the company do not say that you cannot.

Your trustee will need to be kept informed of your new venture, particularly if it becomes profitable while you are in your Trust Deed.

Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.


   
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(@eddie)
New Member
Joined: 2 years ago
Posts: 4
Topic starter  

Fantastic, thanks Kevin


   
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