| T O P I C R E V I E W |
| introuble |
Posted - 17 June 2008 : 20:22:40
Hi, I think I know the answer to this but here goes. I have the opportunity of a new contract within my business which could possibly stop me needing to go br. However as part of this contract would involve a 6k equipment investment upfront how would this be viewed by the OR if ultimately I still had to declare BR. It is just that it might stop it but unfortunately the contract is a rolling one which there is no gurantee of renewal.
Darren |
| 6 L A T E S T R E P L I E S (Newest First) |
| JulianDonnelly |
Posted - 19 June 2008 : 11:41:39
Hi Darren,
I would suggest that if BR is the likely route, then don't delay it. As the OR will examine your conduct prior to and during the BR, getting £6k more credit just before BR will likely land you a BRU/BRO.
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
| introuble |
Posted - 18 June 2008 : 07:27:38
Hi Melanie,
Well that is really the main question. If I obtained credit to borrow this 6k then ultimately say in 3 months time I still had to declare BR how would this be viewed if I had to then include the 6k in the pot. Like I said I think the answer is not very well. It is just I have the option of this contract but it might not work. IMO I am probably best just calling it a day but knowing my luck the OR would take a dim view of the fact that I had this contract potential but then did not persue it?
Darren |
| melanie_giles |
Posted - 18 June 2008 : 00:26:55
Where will you get the £6k from Darren?
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| m and v |
Posted - 17 June 2008 : 20:49:15
I suppose it all depends on the time scale. If you invested £6 tomorrow and went BR next month they might see it as acting irresponsibly. If you made a go of it but it all went wrong in six months time and you went BR I would hope the OR would see you had tried to improve your business.
It's a bit like getting a debt consolidation loan and then going BR - it all depends on how close the two things happen.
Just hold on for one of the BR experts to add their views.
Vicki x |
| introuble |
Posted - 17 June 2008 : 20:40:52
Hi Vicki,
Yeah carried out due diligence on the contract but like anything that seems to have happened over last few months it probably wouldn't work out. Being positive though it could turn out to provide approximately 2k a month so 12k over 6 which would repay that extra debt. But it hangs on the fact that I need prove that I have the equipment to carry out the job. Chicken and egg scenario. Am I right in thinking that this is grounds for a bru. From a business perpective I have heard of companies that have racked up loads of debts, gone into receivership and then started up debt free but with the same contracts etc. Darren |
| m and v |
Posted - 17 June 2008 : 20:27:29
Hi introuble - have you taken any sort of business advice around the feasibility of this investment in your business? Then if it goes wrong you could tell the OR you investigated the contract as thoroughly as you could before parting with the £6k?
Hang on for a BR expert though - they might have a better insight into the mind of an OR!!
Vicki x |
