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Under bankruptcy law it is a criminal
offence for an un-discharged bankrupt to be involved in the
promotion, formation, or management of a Limited Company without
the courts permission (whether officially appointed or not)
and is not permitted to act as a director of such a company.
Clearly, then a bankruptcy order has great implications as
far as this sort of trader is concerned.
Any shares in the company owned by the
bankrupt as at the date of the order being made will vest
in the Trustee. This will have the effect that the Official
Receiver may have a controlling interest in your business.
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