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Subject: Re: Bankrupt Posted on: Wed, 14 May 2008 23:30:53 +0000 (UTC)

On May 13, 4:20 pm, "TomTom" wrote:

>
> But it is easy for a person to set up the normal $2 company. If it goes
> bust, the person is not bankrupted. It means that only the less
> well-informed person is ever made bankrupt.

Except that lenders will look for personal guarantees, and so may
trade creditors eg landlords (almost universal practice), phone
companies, power companies, etc.

A business owner may be able to minimise such exposure with a high
interest low doc loan and seeking out as far as possible suppliers who
do not wnt cash on the nail or personal guarantees.