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Bankruptcy affects on ILR BRP renewal ?

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svatuk
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Bankruptcy affects on ILR BRP renewal ?

Post by svatuk » Fri Oct 26, 2018 11:26 pm

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

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zimba
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Re: Bankruptcy affects on ILR BRP renewal ?

Post by zimba » Sat Oct 27, 2018 6:05 pm

It has no effect
Advice is given based on my personal research and experience only. Do NOT contact me via private message for immigration advice

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CR001
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Re: Bankruptcy affects on ILR BRP renewal ?

Post by CR001 » Sat Oct 27, 2018 6:17 pm

If you plan to apply for British citizenship at some point though, it will affect that.
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equitydealer
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Re: Bankruptcy affects on ILR BRP renewal ?

Post by equitydealer » Sat Oct 27, 2018 8:57 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
My comments do not constitute immigration advice, if in doubt consult an immigration adviser/solicitor

svatuk
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Re: Bankruptcy affects on ILR BRP renewal ?

Post by svatuk » Sun Oct 28, 2018 6:38 pm

Zimba wrote:
Sat Oct 27, 2018 6:05 pm
It has no effect

Many thanks for your reply.

svatuk
Junior Member
Posts: 71
Joined: Thu Sep 24, 2015 2:15 pm
United Kingdom

Re: Bankruptcy affects on ILR BRP renewal ?

Post by svatuk » Sun Oct 28, 2018 6:41 pm

CR001 wrote:
Sat Oct 27, 2018 6:17 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.

svatuk
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Posts: 71
Joined: Thu Sep 24, 2015 2:15 pm
United Kingdom

Re: Bankruptcy affects on ILR BRP renewal ?

Post by svatuk » Sun Oct 28, 2018 6:49 pm

equitydealer wrote:
Sat Oct 27, 2018 8:57 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

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