Bankruptcy affects on ILR BRP renewal ?

Hello Everyone

I'm on ILR now. My business is running into losses, possibly go for bankruptcy/liquidation. I am just wondering will this affects my immigration status now or in the future? when I due to apply for the ILR BRP renewal.
Thanks in advance.

svatuk

It has no effect

If you plan to apply for British citizenship at some point though, it will affect that.

In relation to naturalisation, if a business goes bankrupt and it’s a ltd company there is normally no adverse impact to the director/s (you may have problems if you have an overdrawn director’s loan or have provided a personal guarantee).

Therefore assuming it’s a ltd company, I believe in the application form you would tick no to Q 3.14

Zimba wrote: ↑

Sat Oct 27, 2018 5:05 pm

It has no effect

Many thanks for your reply.

CR001 wrote: ↑

Sat Oct 27, 2018 5:17 pm

If you plan to apply for British citizenship at some point though, it will affect that.

Many thanks for your reply, now at present, I do not have any intention to apply for the BC.

equitydealer wrote: ↑

Sat Oct 27, 2018 7:57 pm

In relation to naturalisation, if a business goes bankrupt and it’s a ltd company there is normally no adverse impact to the director/s (you may have problems if you have an overdrawn director’s loan or have provided a personal guarantee).

Therefore assuming it’s a ltd company, I believe in the application form you would tick no to Q 3.14

Many thanks for your reply. No directors loan has been withdrawn (in fact my savings been paid to the company as a loan), but I am acting as a personal guarantee for almost half of the debt. What if I agree with them (companies whom I've signed as a personal guarantee) to pay by monthly affordable installments?
Will this still cause adverse impact?

Thanks