Commercial Bankruptcy:

Effects On Your Business

If you run your own business and file for bankruptcy, your business will most likely be closed down and your employees will be dismissed as soon as the Bankruptcy Order has been made. If you have any business assets, they will be taken over by the trustee along with your accounting records. You will be able to trade again as long as you follow fixed guidelines. You are only allowed to trade under the name in which you were made bankrupt and you must apply for a new VAT number.

As a bankrupt person, there are certain positions that you can no longer hold such as Company Director, MP, Councillor, Estate Agent or Magistrate. There are also certain types of jobs that might be difficult to get, including security, law related and accountancy jobs.