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| susandg |
Posted - 23 April 2009 : 12:47:02
My husband and I have landed up in around 80k of debt through a series of events however we got hear i dont know but we are, with no hope of repaying visit from inland revenue yesterday have put restraint order on car for three weeks time, this i think is only the begining!!! have a property that we do not live in with very little equity in it, but cant sell due to current market, we are currently running a small hotel that is leased to us, none of the debts are assosiated with this buiness, if we go bankrupt would they make us close the hotel, as this is our home and work? very worried we would have no job and no home if they did. Can anyone help please. |
| 5 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 24 April 2009 : 18:10:01
Hi
You definately need to get advice as a matter of urgency.
As usual I am available to talk via trusted blackberry. just leaving Brighton on the way home to Somerset.
Hope to speak when you are free
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
| suemo |
Posted - 24 April 2009 : 11:18:15
Hi Paul
Thanks for your advice looking at the sale agreement we paid £1 for lease and £16,999 for goodwill the rest for fixtures and fitings, but the hotel had made a loss of £39000 we have made no profit as yet from it, are you saying that the or will want us to sell to get the 17,000 for goodwil, will be calling next wee to get some advice thanks again.
Sue |
| Reviva UK |
Posted - 23 April 2009 : 20:11:38
Hi
you are able to continue trading as sole traders whilst bankrupt, however you cannot be the director of a Ltd company.
The official Receiver is interested in any assets you have so may have an interest in the Hotel if there is any value of yours in it.
Often in a pub or a hotel that is leased there is a goodwill value and a value built into the lease.
As you already have HMRC visiting I would strongly recommend sepaking to an expert either tonight or tomorrow so that they can get a real understanding of the full position and go through all of your choices.
At the very least if you understand your choices you can start to make rational decisions which put you back in control.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
http://www.revivauk.com
Real People ..... Real Debt Solutions
www.revivauk.com |
| suemo |
Posted - 23 April 2009 : 17:52:27
Thanks for your comments we are really worried about will happen to us, not bothered about keeping the other house wish we could sell it really just another headache to deal with just dont want to loose buisness and home, only bit of sercutity we have left. Thanks again for support anyone else got any advice would be pleased to hear from you.x |
| chester2005 |
Posted - 23 April 2009 : 12:57:22
firstly welcome to the forum
you are not alone in not knowing how you got where you are but don't worry about it, its only money.
As far as i am aware there is nothing to stop you carrying on your business of hoteliers.
The OR may want to realise any asset you have in the other property but if the equity is small it may actually be zero if a "forced sale" price is applied to it.
If not the OR would likely offer the Beneficial Interest(BI) in the property for an amount equal to you share of the equity, so you or a member of your family/friend can buy the BI and that would mean you could keep the other property.
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
Life's too short!!! |
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