I have a failing IT business. I want to keep my current office and rebrand the business.Given that administration is looking ever more likely l would like to know if l can buy my assets(software & furniture etc) of the failing company for use in my soon to be new business as l will at the same time be transferring my directorship,( so l can do this transaction with authority)and keep trading from an address that people already know. Does this all sound OK or will it cause legal problems with creditors when l end the current business? I'm more an IT tecky than businessman, can you advise. Thankyou
I do not fully know the answer to your question but i know a man / team that do !
Please give paul at Reviva a call (listed to the left as one of the experts) paul has helped restructure many businesses and will be able to advise on process and legalities
In principle there is nothing to stop a director of one company setting up a new company and buying the assets of the old company
However you need to make very sure that everything is done above board and you do not do anything that unfairly prejuduces the creditors of the old company.
I would always recommend you seeking professional advice before doing anything like this as the details of each case is often different, and it is better to be safe now than sorry later
The experts on this site will offer you free initial and imaprtial advice
Good Luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
I have a failing IT business.
Posted - 28 June 2010 : 16:36:20
