Member of Begbies Traynor Group Global Advisory

Will I lose my house, car or other assets?

Question

Will I lose my house, car or other assets?

Answer

The role of a director brings about responsibilities and possible personal claims by parties who have dealt with the company. A claim for insolvent trading is against the directors of a company personally, which puts personal assets at risk. If you have given a personal guarantee to unpaid suppliers your assets are at risk. Assistance should be obtained as soon as possible to ensure that your circumstances will not result in personal losses.

In the event of bankruptcy of an individual, all assets fall under the control of the trustee with the exception of certain minor personal assets and a motor vehicle with limited equity.

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