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c_j
Junior Member
170 Posts |
 Posted - 06 July 2008 : 13:47:31
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Hi all after four months of trying to get my start up business going I have run into difficulty as my rent is so high. My rent was due on the 1st of this month of £2700 and I can't pay. I have asked if I could pay two lots of rent on the 1st of next month so I could try and find a loan but they will not accept this. I am left with no choice than to shut the business. I have a few questions I hope someone can answer?
The shop obviously needs to shut but do I do it now or after my bankruptcy hearing? (I am a sole trader)
Some of my stock is on 90 day invoice and is not paid for yet, do I return what I have left or will this all be delt with during bankruptcy?
If I apply for bankruptcy roughly how long will it take for my court date?
Is there any where I can call for free business bankruptcy advice?
Any help would be great as I am obviously very stressed and upset with the situation and want to sort it out as quickly as possible.
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melanie_giles
Senior Member
1191 Posts |
Posted - 06 July 2008 : 14:22:52
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Hi cj and welcome to the forum
Are you sure that bankruptcy is the only option available to you? I imagine that it is the preferred option if you are not going to have any income for a while.
I suggest that you simply close the business premises and wait for directions from the OR once you have a bankruptcy order in place. You should ring your local Court tomorrow to see when you can get an appointment for a bankruptcy hearing. You can get free advice from most insolvency practitioners, "bankruptcy assist" firms or the CAB.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
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debtfreesusie67
Junior Member
256 Posts |
Posted - 06 July 2008 : 14:25:03
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Hi CJ welcome to the forum. I'm unable to answer your questions about the business I'm sorry but an expert will be along shortly.
If you want to contact a BR expert directly I can recommend Paul Johns of Reviva. He also posts on here along With Julian so just keep posting questions and they will be able to help
Hugs
Sue
The only way is up
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Blindshrimp
Junior Member
190 Posts |
Posted - 06 July 2008 : 17:10:55
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Hi CJ
Welcome to the forum!! Your story sounds remarkably similar to my own...I too was a soletrader and overstretched to expand...employed people (which was a nightmare...one told me she was pregnant 6 weeks and a day into the opening of my business (anyone who tells you the maternity laws are fair, do not see it from the side of a small business owner), rented premises had stock etc etc. Up until I took on my premises I had never been in debt in my life (other than a mortgage)...never been well off, but never owed anything, and it was sole destroying to be in so much debt. So believe me when I say I know exactly what you are going through!!
I wish I had found this site sooner, as I have struggled for the past two years, I sold everything I owned (with the exception of the house which I rent out) and took out a personal loan to consolidate the business loan (all of my savings were wiped out)....I ended up having to pay the rent on a premises standing empty for 8 months, moved to rented accommodation which under normal circumstances would not put up with.
After burying my head in the sand for way too long (and yes sulking and blaming myself), I looked into the IVA route...but don't earn enough (I can just about afford the rent and the bills), hardly ever go out and although I will never become a miserable person, can hardly describe myself as happy right now.
However after being on this forum and reading all the posts, I have come (slowly) to realise that the "stigma" of bankruptcy matters far less to me than I previoulsy thought. It will mean that I am free to rebuild my life and move on....I hope to be able to get to the court this week.
What I wish (apart from never taking on the business in the first place) is that I had done this two years ago.
Onwards and upwards always CJ...when you feel you are alone, read all the posts and the blogs...some will make you laugh and some will make you cry...but all of them will make you realise that you simply just took a risk that didn't work out, but will show you there is a way to start again.
Hope my story helps you a little, and serves to spur you on to get things sorted far sooner than I did!!
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 06 July 2008 : 23:19:25
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Hi CJ
As Melanie says there may be several options available to you so you really do need to give someone a call.
Brfore considering Br it is important to review all the debts and the consequenses of petitioning for Br. My immediate thoughts are what are you going to do for income, banking etc etc etc
you also have the risk that the landlord will get excited quickly and potentially ask you to leave the premises / try to keep the stock & then pursue you for the balance of the rent due for the balance of the lease.
First thing is not to panic - you may have a number of choices so I would encourage you to give an expert a call to have a chat.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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JulianDonnelly
Junior Member
United Kingdom
325 Posts |
Posted - 07 July 2008 : 12:58:13
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Hi CJ,
Paul Johns does excellent work in this area (as does Brett England). Why not give them a call to see what thery can do to help?
Regards
Julian Donnelly
Spokesperson for www.Bankruptcyhelp.org.uk |
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very stressed and upset any help would be great
