|
|
 |
 |
FORUM |
|
> Browse and post on our forum |
|
|
|
 |
|
 |
|
Note: You must be registered in order to post a reply.
To register, click here. Registration is FREE!
|
| T O P I C R E V I E W |
| Mia |
Posted - 24 December 2008 : 21:29:53
Hi there, I have just registered on this forum but have been reading through lots of threads.
I am going for personal bankruptcy myself at the moment, just got the forms through. I think I'm understanding what to do there, and I can post some questioins on the forum too. (By the way, it was sooooo good to find this forum, didnt really sink in that other people were going through this and could talk abaout it.
However, My husband and I have a small business that we need to close down as it is broke.
My question is around this really, as I am so confused, we have a small shop, in a ltd company name, our lease is up for renewal in October next year so there will be a debt to the landlord for those months, but only a few very small other ones, as we have always tried to pay all suppliers.
We have received advice that the best thing to do is close the door behind us, and give this advisor a key and he will sort things out. Do a moonlight flit so to speak, but this really scares me.
But from reading through here and researching this, I'm just not sure of anything any more. We could not pay the rent on the shop last month, nor will we be able to in Jan. I'm sorry that I'm rambling, I guess what I am asking is who do you recommend I talk to, from what I have read, I need a practitioner or something to represent us to get insolvency. But I just don't know what I dont know, if you know what I mean. We have stopped trading (taking any new business), but need to keep the shop open until the end of Janaury for people to come in and collect their orders that they have already paid for.
Oh I totally understand on Christmas Eve, that you wont be able to reply but needed to get this down, and hopefully I can speak with someone next week or so, I just dont even know who or what I am looking to speak to. Soz for the lengthy Christmas Eve Post. |
| 5 L A T E S T R E P L I E S (Newest First) |
| Mia |
Posted - 29 December 2008 : 10:35:50
Hi there everyone, thanks for your replies.
They were really useful, I really didnt want to do a midnight run, as I havent done anything wrong. Just put all my money into a business that didnt work out.
I am going to call the help line today.
I am sure I will be posting again. Thanks
Mia
|
| Reviva UK |
Posted - 25 December 2008 : 17:39:49
Hi Mia
there are a few things going on that all need to be done in the right order.
If the Ltd company is to cease trading then it needs to be closed down properly. This includes completing a stocklist, and a list of assets and if there is any value these can be liquidated and the money used to close the business down.
There may be a position that some of the debts of the ltd company may fall on you afterwards so these may need to be included in your personal Br. For example the lease may have a personal guarantee as might the bank overdraft or business loan etc.
You should also look at completing the books for review as the Official Receiver will no doubt want to review these.
You shouldn't do a "flit" but there is no reason why the shop shouldn't be closed down and the Landlord informed in the proper maner. As the lease is up for renewal next october I suspect that the OR would not be interested in any value from the lease so it would be helpful to surrender the keys to the landlord - in effect this will actually reduce the debt because he will be able to look for a new tennent quickly.
You really need to have a chat with an assisted bankruptcy specialist who will help you get a plan of action together ( what to do and when ) both for the shop and for your personal situation.
you can give the helpline a call on Monday and have a chat or if you need to chat earlier then some of the experts on the forum have an emergency response over Christmas.
hope this helps
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
| John |
Posted - 25 December 2008 : 00:59:53
Hi
might I suggest you call the helpline on Monday 29th, leave a message and contact number, and someone will contact you within 24/48 hours.
As Jez said, try and forget the whole thing for at least one day. Merry Christmas
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| Jez |
Posted - 24 December 2008 : 23:06:29
Hi Mia,
The following links may be useful to you, in fact they may be useful to anyone with a business (limited or otherwise).
The following link is the the Business Debt Line:
http://www.bdl.org.uk
This link is to a PDF document about limited company debts
http://www.bdl.org.uk/images/bdl10_ew_LimitedCompanies.pdf
I hope these help.
Try to have a day off tomorrow (Xmas) from your worries.... after all it's only money :)
Jez |
| Jez |
Posted - 24 December 2008 : 22:54:47
Hi Mia,
I thought I'd reply so that you know there are still people here, even if it is Xmas eve!
Concerning the confusion regarding your business, I agree that it adds a whole raft of issues that normal bankruptees don't have to deal with, but it is still a manageable process.
If you have acted as guatantor for any of your ltd Company debts then these will be covered by your personal BR as long as you put them on the forms. You are currently operating whilst insolvent (trading whilst knowing that you can't pay the bills, regardless of whether you are taking any money or not), which means that the Inland Revenue may impose personal liability for any VAT or Corporation Tax due, which again will be covered by your personal BR as long as it is mentioned on the form.
Any other business debts are covered with a simple letter explaining that the business is unable to meet its liabilities, and the you are going br personally, asking your creditors if they will allow you to strike off the company (after it has been non-trading for 3 months). If not, and as you won't have the money to start the insolvency process for your business, they will have to kick off the process. This will result in no liabilities being passed to you (providing there has been no fraudulent behaviour).
I am in the same boat as you, and this is the process I am going through. The biggest confusion I have is the timing of everything as I need to be trading right up until I go BR as I am putting money aside for a move to Ireland, which means that I will still be a director of my ltd Company when I go BR.
I hope this post helps and doesn't add to your confusion.
Merry Xmas
Jez
|
|
|
| bankruptcyhelp.org.uk Forum |
© bankruptcyhelp |
 |
|
|
|
|
 |
|
|
|
|
|
