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Bankruptcy and Contracting

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    #11
    Rounds of taxi cabs - that is an expensive habit.
    Down with racism. Long live miscegenation!

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      #12
      be aware that anywhere decent will do a credit check on you, and you will fail and won't be taken on.

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        #13
        Originally posted by dude69 View Post
        be aware that anywhere decent will do a credit check on you, and you will fail and won't be taken on.
        Huh.? We're back to that old chestnut again are we.? I've worked in plenty of places 'decent' (and indecent too ) and have never been credit checked.? Who's credit checked you and for what.? Did they want to lend you a few grand before you signed the contract.?

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          #14
          In over ten years of freelancing I've never been credit checked. Except possibly as part of security clearance.

          There are other high paying industries other than the financial, you know.
          Down with racism. Long live miscegenation!

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            #15
            Std process

            Any job/contract with a financial client will involve a credit check these days. This doesn't mean you have to have an excellent record - mine is no more than average, I think they are looking for defaults/bankruptcies/etc. Not sure it's worth turning down a lucrative option on the libertarian principle.

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              #16
              Originally posted by BA to the Stars View Post
              If money is paid to a limited company of which you are an employee, the OR cannot touch the funds within the limited company, it is a seperate legal entity. It is you personally who is bankrupt, the OR may be able to go after your income (including dividends).

              Best bet is to speak to an accountant and possibly also a solicitor specialising in bankruptcy / insolvency
              And if he structures his income this way to avoid his earnings going to pay off his creditors, and the OR finds out, he can expect some jail time.

              tim

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                #17
                I was reading the other day that an increasing number of employers are doing these credit checks. Then it occurred to me that as we go into a slower economy a greater number of people will have black marks against them. The result of a recession could mean a whole generation of very capable but unemployable people. It’s a good job that there is a near infinite supply of migrant workers to take their place.
                How did this happen? Who's to blame? Well certainly there are those more responsible than others, and they will be held accountable, but again truth be told, if you're looking for the guilty, you need only look into a mirror.

                Follow me on Twitter - LinkedIn Profile - The HAB blog - New Blog: Mad Cameron
                Xeno points: +5 - Asperger rating: 36 - Paranoid Schizophrenic rating: 44%

                "We hang the petty thieves and appoint the great ones to high office" - Aesop

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                  #18
                  Originally posted by Dow Jones View Post
                  Any job/contract with a financial client will involve a credit check these days.
                  Really, well mine is very overdue as I've been here 18 months (massive American Financial Organisation)
                  I think they are looking for defaults/bankruptcies/etc
                  How would this differ from say .... 60 Gs of unsecured credit.? If someone on the boards actually knows why these checks are completed rather than guessing perhaps they could share.?
                  Not sure it's worth turning down a lucrative option on the libertarian principle.
                  I have nothing to fear on my credit record at all and I never used to get excited about this sort of thing, but I'm starting to. Would I turn a contract down because of it.? Can't honestly answer that at this moment, but this sort of sleepwalking into totally unnecessary nosing winds me up.

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                    #19
                    Originally posted by tim123 View Post
                    And if he structures his income this way to avoid his earnings going to pay off his creditors, and the OR finds out, he can expect some jail time.

                    tim
                    However if the contract is awarded to YourCo Ltd, then income from contract is payable to YourCo Ltd and not Mr B Ankrupt who just happens to be an employee of YourCo Ltd.

                    I am not saying it is not immoral, if anyone has debts, why should his creditors suffer and I hope that I am never in this posistion.

                    As always though, I would suggest advice from professionals whose job it is to know about these things i.e. accountants, solicitors, etc.

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