BN66 - Round 2 (Court of Appeal)

[Donnie Darko]

There's no way I can dig my way out of this by saving even if it does take a few years.

I did float the idea of leaving the country to other half but that went down like a lead balloon. It only brought it home how totally up the creek we are. She is adament she won't move away from family and I can't blame her.

Bottom line is I'm out of options and if we lose I'm toast.

[helen7]

When the appeal is lost; I say we take all our money in cash to parliment and make a big bonfire in the square. Should make our point very clear!

On a serious note; if you are going to be made bankrupt; they why not take what you do have and head to vegas; put it all on black (or red, you choose!).

[Morlock]

...why not take what you do have and head to vegas; put it all on black...

I think I already did something like that when I joined the scheme.

[DonkeyRhubarb]

Bankruptcy offences

On a serious note; if you are going to be made bankrupt; they why not take what you do have and head to vegas; put it all on black (or red, you choose!).

You might want to read Section 362 first!

Norwich Solicitors - Leathes Prior, specialist in law

Bankrupt contributes to his insolvency by “hazardous speculation” (gambling!) in period of 2 years prior to bankruptcy petition

[screwthis]

You might want to read Section 362 first!

Norwich Solicitors - Leathes Prior, specialist in law

Bankrupt contributes to his insolvency by “hazardous speculation” (gambling!) in period of 2 years prior to bankruptcy petition

Trading then? Oh, hang on you would have to pay tax on any profits...

[johnnyguitar]

You might want to read Section 362 first!

Norwich Solicitors - Leathes Prior, specialist in law

Bankrupt contributes to his insolvency by “hazardous speculation” (gambling!) in period of 2 years prior to bankruptcy petition

According to that table, if I dispose of my all my assets and this thing drags on for more than 5 years, they will be exempt from the bankruptcy assets.
Wasn't there a slightly different angle on the main residence being signed over to a spouse though ?

[DonkeyRhubarb]

Trading then? Oh, hang on you would have to pay tax on any profits...

There's no tax on any profits from spreadbetting. However, I think this would still constitute hazardous speculation.

[smalldog]

Ive decided to treat myself to all those toys I had put off for a few years. At least I will get some enjoyment from them, if we lose HMRC can take them an auction them as part of bankruptcy, they will get a fraction of their value so good luck!!!!

If we win happy days I got my toys sooner than I had planned.

If we lose and I dont buy them now there is a good chance thats my chance gone for good, as I will be a bankrupt so any chance of credit has gone down the swanny together with my chances of being a director of my small lil ole contracting company.

[screwthis]

There's no tax on any profits from spreadbetting. However, I think this would still constitute hazardous speculation.

Basically yeah. SB is tax free because it is classed as gambling.

I would have thought trading by directly buying and selling assets should not be classed as hazardous speculation. If it was then buying property before a crash or putting money into a failed startup business could also constitue loss from hazardous speculation.

[OnYourBikeGB]

Up Pompey

Well done to Pompey! Nice to see the courts protecting livelihoods from the gits! A sign that they don't always have their way. It might has come as shock to them, but it seems HMRC actually do not own the country.