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Can I still trade after bankruptcy? - Bankruptcy UK

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Can I still trade after bankruptcy?

If a sole trader of a hair salon goes bankrupt are they able to continue trading 6 weeks later when the lease has been returned, and are they allowed to employ staff?

This will all come down to whether the business is profitable or not. The Official Receiver may well allow trading if the venture was profitable, as this might result in the creditors receiving compensation. There is also nothing to prevent you from taking on new staff, provided it is justified. However, it would be a completely different matter if the business was losing money. In this instance, the Official Receiver would seek to include the lease and any losses in the bankruptcy with immediate effect, to avoid further losses.

Bankruptcy UK specialises in taking people through the bankruptcy process in a straightforward manner. We will assess your circumstances then submit the bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for an informal chat about your circumstances on 01425 600129.

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Bankruptcy UK

Bankruptcy UK