Becoming bankrupt
If you're self employed
Your business is very likely to be closed, unless the person dealing with your bankruptcy (the 鈥榯rustee鈥�) decides to keep it open.
You鈥檒l need to give a list of anything you own for the business to the trustee.
You can usually keep things you own for your business if you need them for employment, for example:
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vehicles
-
迟辞辞濒蝉听
-
equipment
You might have to give them up if they鈥檙e worth more than a reasonable replacement.
Your employees can make a claim for unpaid wages and holiday pay, payment in place of notice and redundancy. They鈥檒l make this claim either:
- to the Redundancy Payments Service
- through the bankruptcy process
You can trade again but with restrictions on what you can do.