ILR - liquidation / bankruptcy

Dear respected members,

I'd applied for my ILR based on tier-1 £ 50K 2 months ago, decision is yet to be made

In last 3 years I'd invested some money/time into another business where I own small portion of shares too and F.D position, company had to buy lots of plant and machinery and as acting director I'd to provide personal guarantees on various plants although I do not own any home or high value asset but this is standard procedure for lenders to obtain PG's from directors. unfortunately that business has faced some serious financial incidents in last 2 months which put to its knees and heading towards liquidation

My question is, in worst case scenario what if those guarantees called in and they decide to make me bankrupt, does it going to effect my ILR application ?

Although the company & business which I'd used for ILR and visa applications has nothing to do with this business

Your valuable views/advise would be much appreciated.

Personal Rgds,
T Khan

No effect on ILR but could lead to refusal if you apply for citizenship

Zimba wrote: ↑

Fri Jul 26, 2019 2:35 pm

No effect on ILR but could lead to refusal if you apply for citizenship

Thanks Zimba

I assume once bankruptcy instructed, someone can't be a director for any company including which has been used to claim points for ILR, so does it effect the application in any shape or form ?

Also, what is time line to apply for citizenship once ILR approved ?

I've read if bankruptcy is discharged then applicant could apply after 1 year, of-course not a straight forward application.

Thanks once again

While individuals go bankrupt because of their personal debt, companies become insolvent. So if a limited company becomes insolvent, a director will not go bankrupt in most cases. That is the whole point of the limited liability. I suggest to seek legal help

Zimba wrote: ↑

Fri Jul 26, 2019 8:02 pm

While individuals go bankrupt because of their personal debt, companies become insolvent. So if a limited company becomes insolvent, a director will not go bankrupt in most cases. That is the whole point of the limited liability. I suggest to seek legal help

I certainly would, but my concern is when I'd put my ILR application everything was fine so does my application being decided when I'd submit that or they'll consider current circumstance ?

Thanks

But ur current ILR application is not based on this company...

aman90 wrote: ↑

Sat Jul 27, 2019 9:31 am

But ur current ILR application is not based on this company...

That's correct Aman

My point is that you will not go bankrupt and business difficulty will have no effect