Hi i have been bankrupt twice previously, the first time for 3 years as my total debt was over £30k, as were many others at the time of the late eighties crash, i was a builder taken down by a property developer, the second time i was declared bankrupt it was for five years, ending around June 2000, this time it was around £45k.
Since then my wife and i ran a very successful business making very good money in our industry and had between 40 and fifty staff, our services were in demand and we were cash rich paying our bills as soon as they arrived, we then converted our business to a limited company, we had around £170k in the bank and were producing invoices of around £20-30k a week and clearing £10-15k, with oustanding invoices of around £100k always owed and our bills paid weekly, we decided to invest in another company and set it all up and started to make money on paper when, a client refused to pay invoices totaling £250k, this obvioulsy put us under alot of pressure, but our industry was and had been bouyant enough for us to overcome the problem, then our industry crashed nationaly, with massive overheads and no income to speak of, we were finished, my wife left me and declared herself bankrupt as she had £60k on credit cards, i tried to rake up funds to put the company into liquidation, they wanted £4k for each company totaling £8k, i couldn't raise it, the companies have not been liquidated and i am now personaly insolvent, as this is my third time and i am still legally the director of these companies what is likely to happen. Regards
