Quote: (05-16-2014 11:08 AM)cardguy Wrote:
I should Google a question like this. But I think the question is interesting enough for a discussion.
I wanna' hear peoples experiences in this area? I can't be the only guy who has thought of setting up a business, running up a bunch of debt - and then declaring bankruptcy.
What are the consequences? That you cannot run a business for a year? Is that it? WTF???
Debt against a UK incorporated company is nothing to do with the owner in most cases.... You see it all the time. Ltd company gets in to massive debt, the owner simply winds the company up and re-opens another. The only time the owners are liable is when its blatant fraud.
See: http://en.wikipedia.org/wiki/Phoenix_company