I’m about to declare myself bankrupt in a European country (where I'm originally from). I live in the UK and own an Ltd company (let’s call it Company 1) where I keep my savings from several years since I left that European country.
I’m looking for potential ways to protect these savings before entering bankruptcy procedures. It’s about £100k between cash, crypto and shares on another Ltd. Everything is owned by Company 1, where I’m the only shareholder.
As the bankruptcy procedure will take several months, I would like to continue working as a contractor (potentially through another company, let's call it Company 2, even if I don’t take money out or pay myself). I’m also looking to set up a new company (Company 3) with other partners for a new business venture (based in the UK).
The options I can think of are:
Option A, sell Company 1 to Company 2. I secretly own Company 2 and is based somewhere else, through nominees or other structures. This way, I protect my existing assets and can still use Company 1 for contracting and as a shareholder of Company 3.
Option B, dissolve Company 1 and receive the assets personally (not sure how I could then hide them from the administrator…). Create Company 2 somewhere (secretly owned by me), use it for contracting, and have it be shareholder of Company 3.
This whole structure will be temporary, as the plan is to then purchase the assets from Company 2, so that I become the owner again.
The main thing I need is complete privacy in order to protect these assets from bankruptcy and the ability to continue working. I don’t mind paying taxes, and all dealings will be completely legal.
Thanks in advance
I’m looking for potential ways to protect these savings before entering bankruptcy procedures. It’s about £100k between cash, crypto and shares on another Ltd. Everything is owned by Company 1, where I’m the only shareholder.
As the bankruptcy procedure will take several months, I would like to continue working as a contractor (potentially through another company, let's call it Company 2, even if I don’t take money out or pay myself). I’m also looking to set up a new company (Company 3) with other partners for a new business venture (based in the UK).
The options I can think of are:
Option A, sell Company 1 to Company 2. I secretly own Company 2 and is based somewhere else, through nominees or other structures. This way, I protect my existing assets and can still use Company 1 for contracting and as a shareholder of Company 3.
Option B, dissolve Company 1 and receive the assets personally (not sure how I could then hide them from the administrator…). Create Company 2 somewhere (secretly owned by me), use it for contracting, and have it be shareholder of Company 3.
This whole structure will be temporary, as the plan is to then purchase the assets from Company 2, so that I become the owner again.
The main thing I need is complete privacy in order to protect these assets from bankruptcy and the ability to continue working. I don’t mind paying taxes, and all dealings will be completely legal.
Thanks in advance
