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| T O P I C R E V I E W |
| redwhite22 |
Posted - 01 July 2009 : 15:21:37
Hi just some basic help please
I have a commerical property with 19 yrs left on lease at 45 k per annum , we are personal garantors ,dont think the company is gonna see out the year and really dont see any one subletting as the town we are in seems to have moved due to new developments , the landlord isnt interested in talking about any rent reviews due to current climate, and has told us he will sue as soon as its two months behind ,if he took u to court would he win the whole remainder of lease or would there be a settlement ,obviosly we dont have that sort of funds and have no other income apart from compay though do own a house
look forward to your advice |
| 5 L A T E S T R E P L I E S (Newest First) |
| lennon |
Posted - 01 July 2009 : 22:00:07
quote:
Originally posted by leakie
Hi Red white 22
If you are not insolvent then you can not go BR or IVA
I would give the forum Help line a call or CAB,
I'm Not an Expert,
I'm sure they will be able to give good advise.
Sorry I can not help
All the best
Leakie
Technically, OP is liable for remainder of lease. |
| lennon |
Posted - 01 July 2009 : 21:58:19
Hi I would call Paul Johns @ Reviva (details on experts link) as leases are sort-outable but LL's can be a bit 'tricky' to deal with.....full of threats etc. He helps sift through threats and can help you work out a plan to exit if you feel that is the best way forward.
We took him on to assist with vacating the premises in the proper way and initial approaches to LL. Also helped us prepare for a BR scenario plus advised on how to move forward work wise.
Also advises on house with equity too.
He has other recomendations on the board so worth a 'phone call....we were in similar situation in that if we didn't exit the lease, then the losses would have just spiralled. |
| leakie |
Posted - 01 July 2009 : 18:15:39
Hi Red white 22
If you are not insolvent then you can not go BR or IVA
I would give the forum Help line a call or CAB,
I'm Not an Expert,
I'm sure they will be able to give good advise.
Sorry I can not help
All the best
Leakie |
| redwhite22 |
Posted - 01 July 2009 : 17:34:30
quote:
Originally posted by leakie
Hi Redwhite22
Welcome to the forum,
Sorry to hear the situation that you are in,
thanks for the reply
ltd comany but with personal garantee on lease
not insolvent yet
some equity in house maybe 30k
look forward to your reply
Several things to take into account,
Are you a limited company?
are you insolvent,
Do you havve eqity in the house,
Before someone can answer some more info will be needed.
I would get some Expert advise, some of the experts on the site may be able to help, or you could call the help line,
All the best
Leakie
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| leakie |
Posted - 01 July 2009 : 17:23:16
Hi Redwhite22
Welcome to the forum,
Sorry to hear the situation that you are in,
Several things to take into account,
Are you a limited company?
are you insolvent,
Do you havve eqity in the house,
Before someone can answer some more info will be needed.
I would get some Expert advise, some of the experts on the site may be able to help, or you could call the help line,
All the best
Leakie
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