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My husband has been in business for years but lately his business is down a lot and he cannot make ends meet and is considering going bankrupt.
I am worried about myself and our children. We have been married 5 years, and have two childen 8 and 5. All the accounts are in my husband's name as it is all related to his business.
We have a property that I bought before we had even met and it has alwasy ben in my name.
Can they take the property if he goes bankrupt?
I am being pursued by a previous landlord for a commercial property that I leased for business use. I originally signed a 3 year lease however had to relocate the business at the end of year one in order to keep it working due to location.
The landlord is now perusing the sum of £17000 in rent for the further 2 years that I would have been there.
If the company does not offer a reasonable settlement figure for us both, is the best option to go bankrupt? and if so, can I still trade as a sole trader? If not is it possible to transfer my business across to my wife's name? I have already had an attachement on business items to the value of £600 which i have bought back so are no longer part of the attachment.
I simply want to keep my business running but need to know the best way about doing it as it is a profit making business however, I cannot simply lay my hands on £17000
Bankruptcy, yes or no????