4 ms·

It comes with an inability to do lots of things for 6 (I think?) years, including things like not having an overdraft and more importantly to this conversation,

• sofixa 2y ago
  Isn't this only for personal bankruptcy? If you have a limited company and it goes bankrupt, it's it that's bankrupt, not the owners. Or is the UK very weird in that regard and I'm reading gov.uk wrong?
  • davedx 2y ago
    No, you're not reading it wrong, there are a lot of extremely negative comments on this thread that just aren't accurate. Limited companies are just like LLC's. There's so much nonsense being posted here
  • PeterisP 2y ago
    At least in other places in Europe, and I assume also in UK, it's somewhat common for any sources of financing to new companies (i.e. without a proven steady cash flow), both banks and other investors, to explicitly require personal guarantees from the owner - so while technically you have a limited liability company, the lender will lend you money only if you accept full liability and put your house, car and other assets on the line. As the original post states, "investors spend too much time trying to mitigate downside risk with all sorts of protective provisions". So a company bankruptcy may result in a personal bankruptcy as well.
• dukeyukey 2y ago
  Where are you getting this from? You can definitely be the director of a company after bankruptcy (assuming you didn't try to deception or scams of course), and stuff like an overdraft or loans are up to the lending bank/company. EDIT: Unless you mean personal bankruptcy, which you probably don't, but while you're under the bankruptcy order (~1 year) you can't become a company director.