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Jimboy
Starting Member
United Kingdom
3 Posts |
 Posted - 18 January 2011 : 03:28:59
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| Hello, I live in Scotland and have a large Volume of Debts £25+ It may seem a strange question but I would like to know if I can Operate a Franchise as mynamet/a franchise name? On a Self Employed basis. Thanks in Advance. |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 18 January 2011 : 08:59:20
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Hi JimBoy
it depends on the wording of the franchise contract
as a bankrupt you cannot be the director of a limited company, so if the franchise is set up as limited company the answer if you thinking of BR is no.
if franchise is, trading as, sole trader or whatever scottish equivalant then should not be a problem
HOWEVER, rules North of border are different to south, i would contact one of the experts before you sign on dotted line. I would also look at DMP / IVA / F & F
good luck Richard |
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Jimboy
Starting Member
United Kingdom
3 Posts |
Posted - 18 January 2011 : 10:14:29
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Hi Richard, Thank you kindly for such a speedy response. Yes I am aware of the restrictions regarding Directorships etc but the Franchise can ba a Sole Trader or Ltd Company. I just wanted to know that as long as I use my Name, can I Trade as the Franchise Name. Best Regards to you.
Jimboy |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 18 January 2011 : 22:49:54
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Hi
You should be aware that if the franchise has a value it may well be claimed for the benefit of the creditors.
Worth speaking to an expert to have a confidential chat.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
08454 751 851
Real People ..... Real Debt Solutions |
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Jimboy
Starting Member
United Kingdom
3 Posts |
Posted - 19 January 2011 : 02:18:23
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Hi Paul, Thank you for your advice, I apreciate it. Just to advise that as yet the Franchise has not operated nor has a Purchase Price. It is merely an offer made to me. I am considering it but frankly beginning to think it's probably not worth the aggravation!! I am really trying to establish what my options are as I really don't want to declare Bankruptcy.
Jimboy |
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Topic |
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Operating a franchise ?
