IM GOING BANKRUPT CAN I CHANGE THE NAME OF MY BUSINESS AND PUT IT INTO SOMEONE ELSES NAME

Depends on the type of company you are. If you are a "sole trader" you are personally liable for all debts incurred. If you are a partnership then you and your partner have a 50/50 liability meaning either of the parties can be held responsible in the event of your partner's default. (Eg; he/she disappears or is untraceable).

If you have a limited liability (LTD) then debts that you are responsible for are limited to the stated value of the share issue (Typically a nominal sum like 100 Pounds Sterling.)



If you are a sole trader and you put the business on another name it won't make any difference as all the debts that have accrued up to the date of transfer remain your liabilty.

The best thing to do is to see a debt conseller and confront the problems as these things just tend to get worse if neglected.

Good luck!

This will likely be viewed very seriously by your trustee in bankruptcy.

When you are declared bankrupt, you will have a trustee appointed to control your affairs - this means that they will be responsible for managing your affairs to ensure that your creditors get as much of their money back as possible. Under the Insolvency Act your trustee in bankruptcy has the right to apply to the court to have any transaction at an undervalue over the last 5 years I believe examined. Your transfer of the business to someone else will be a transfer at an undervalue, (unless you get the market value for it), and therefore almost certainly the trustee will get this examined and it will be declared void and you could get in some serious trouble.

EnglishDanny is quite right - get some legal advice and debt management advice.

Don't do it.