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| g_s |
Posted - 05 August 2008 : 23:01:10
I will keep this as brief as I can, thanks for reading
Together with a business partner I owned two companies - In December 06 one of them failed dramatically; the previous owner set up and took staff and clients away from us leaving us with little option but to close the business. Whilst there was few trade creditors we were left owing HSBC £140,000 backed by PGs.
We tried to service this through our other company but this had a very bad effect on that business.
We decided in Late 2007 to sell our company and pay off the banks and move on. We had a buyer who took us to the brink and pulled out at the last minute. My business partner had taken a position abroad and I had found a new job. Rightly or wrongly the decision was made to put the company into administration.
Within two days the previous buyer was onto the liquidator to buy the company for a fraction of the price. The liquidators charges were pretty large and had I known how large we would have traded a bit longer; oh well!
What we are left with is two banks chasing around £240,000 in debt backed by PGs
With my ex business partner abroad I am left to pick up the pieces.
My personal credit is very good and I can and will manage all my personal obligations but I don't have a £2m T/O business anymore to service these debts the only way forward I feel is Bankruptcy to shake the two banks off.
I can confirm I have no assets at all (The business took my last £20K last year)
We have not been wreckless just had some very bad luck. Given that the banks just could not get anything from me what are they likely to do?
It has been suggested that once it is presented to the banks that I have no assets and no option but bankruptcy they may take a nominal payment plan and not drive me to bankruptcy; I have no idea if this is how it works
Any advice would be welcome
Thanks for your attention
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| 1 L A T E S T R E P L I E S (Newest First) |
| Helpful Advice |
Posted - 06 August 2008 : 10:10:49
Hi G.S.,
Welcome to the forum,
I'm sorry to hear of your situation.
It was an unfortunate turn of events and yes if a business is sold out of administration it is often the case that the administrators will receive a large chunk of the funds.
It is possible that the bank would accept a nominal sum, but for this level of debt how long would this go on for?
It is a question of the level of affordability, but there may well be other options open to you, may I suggest you contact one of the experts to discuss your options a phone call will cost you nothing, but will certainly give you all the options to think about.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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