Quote:
Originally Posted by Bill Douglas
Well, I'd be highly pissed off if Mr John Smith 2019 owed me money, then bankrupted himself, then (Mrs. Smith) set up Mr John Smith 2020 ltd and merrily carried on like nothing had happened. And lived better than I did with new vehicles and a happy client base.
Bankruptcy laws really do need to be tightened up.
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My father was a subcontractor working for a developer in the late 80’s and this is essentially what happened.
My father, partially out of trust and partially out of a need for the work let his client run up a tab of $400,000.
One day his client was johnsmith, LLC who owed my father $400,000. The next day he was smithjohn, LLC who owed my father nothing.
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