Preparing for possible bankrupcy

[throwaway]

Long time forum member but using a throw away account for this post. I used a scheme for a number of years prior to 2009 before moving to a Ltd company. I was investigated for the last year I used it, settled and thought that was that lesson learned ... obviously not. My exposure is more than I can afford to pay even if I sold the house so I am starting to prepare for possible bankruptcy if the loan legislation goes through and I am affected by it. I am aware that if I am made bankrupt I cannot be a director or be involved in running the company and I would either make my wife a director and let her run the company or move to an Umbrella.

My wife is a 50% shareholder and the dividends go her personal account which I don't have access to. I know that my wife's assets are safe unless I can be shown to have transferred any assets to her. My assumption is that paying her dividends does not count as doing this and this money would be safe from the HMRC. Is this correct? The company has been setup this way since I started it so this is not something I have just done.

[webberg]

Get some professional advice.

[SueEllen]

@Throwway many agencies now won't now allow you to contract through them if you aren't a director of the company you use. I've had two lawyers argue with them that this is wrong but as I am it wasn't a point to make a fuss about.

Also you could get your wife in trouble as people could argue you are acting as a shadow director. So the best thing to do is get professional bankruptcy advice.