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Snow Dog
Junior Member
112 Posts |
 Posted - 17 September 2008 : 22:08:37
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Hi everyone,
Me and my hubby have literally just started an IVA application, but it may be a no go area as we have one creditor who we owe the majority of the money to, as well as other creditors..but one major one. So, we are seriously thinking about bankruptcy, and to be honest, I just cannot stand the crap anymore that we are getting. I am not sleeping and am in tears loads...so my questions are as follows:-
We own a small shop, which has no profits and no assets apart from the stock and the fixtures and fittings. Will we have to give up the shop (I won't be too unhappy if we have to) but I just want to be sure that we do.?
Also, my husband is a self employed taxi driver (as the shop never gave us enough to run together). He has his own taxi (well he has a loan on the car). As this will be our only means of income, if the shop goes (the shop isn't giving us any wages right now anyhow)I assume he will be allowed to keep his car and his job. He actually works for a taxi company, but is classed as self employed.
I would be really grateful for some advice here, as BR is looking more and more the likely route
Thank you |
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BankruptC
Senior Member
1030 Posts |
Posted - 17 September 2008 : 22:38:10
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Hi Snow dog and welcome!
Sorry I can't help you with your questions but I didn't want to read and run.
Hang on in there and someone in the know will get back to you soon!
Take care and keep posting!
C. x |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 17 September 2008 : 22:40:39
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Hello Snow Dog and welcome to the forum.
I am sorry to hear about the difficulties and although it is a difficult time the GREAT news is that you have decided to take back control and resolve the situation.
With regard to the taxi side there are no issues with your husband going Br as that won't effect his job. if the car is on HP it is usual that somewhere in the agreement it will state that "in the event of insolvency the agreement is cancelled", however because it is a taxi it may have a higher mileage and may be worth less than the amount owing on the agreement.
In this situation the OR will probably not be interested in the car and could also be pursuaded that because he needs it for work that he would probably be allowed to keep making the payments.
there are a few things going on here and it is certainly worth having a conversation with an expert to confirm details about the HP / car value / payments etc etc to give you a real idea of the possibility of keeping it moving forward.
The shop has to be dealt with carefully and your actions kept above board. If Br is the right solution you will need to get an exit strategy together which will include how to close down the shop, how to deal with staff, stock, landlord, etc etc etc.
The important thing for you is that it needs to be done with dignity, integrity and control. The last thing you need is to be told what to do.
far better to make these decisions yourself and control the business closing down rather than be closed down by people unknown.
You mak be able to do this yourself or you may decide to ask a specialist third party company to help and guide you through the process.
We are working with many shops and businesses and the relief on the owners faces when they realise that the nightmare is coming to an end is a sight to see. Again deciding what to do in your own time frame with dignity is really important.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Snow Dog
Junior Member
112 Posts |
Posted - 17 September 2008 : 22:53:41
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Hi Paul
Thank you so much for your advice. I will most definately seek some advice about closing down the business once we have decided if we are going to go down the BR route..we will have made that decision in a day or so. As I said to lose the business is not of great heartache to me, as it is because of this business and a previous one we had, that we are in this mess in the first place. The lease is up on our shop next year, and in any case we had no intention of taking on another one. At least if we do go Bankrupt, it just means the shop will go earlier than anticipated.
One more question, if you don't mind..is it best to close down the business before BR or once we have declared ourselves BR?
thank you once again |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 18 September 2008 : 00:39:19
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Hi Snow Dog
option 1 - Close the business first in a calm and professional way ( keeping records for the OR etc ). This is the dignity part.
option 2 - Go bankrupt first.
If you were to petion for br before the shop has closed you would find the official receiver on your doorstep in the afternoon taking control of the shop and business and asking you to leave.
I always find option 1 MUCH better as it puts you in control and it is always horrible being told to leave your premises etc.
what type of business do you have?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Snow Dog
Junior Member
112 Posts |
Posted - 18 September 2008 : 22:52:20
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Hi Paul, thanks for your great advice..we will probably be giving you a call tomorrow. But after reading what your info, we will probably have a bit of a sale for the next two weeks and then just close,then go bankrupt.I keep records of everything anyhow, so that is not a problem. I will inform the landlord of our decision in the next few days..I am dreading that. And then just go for it.
Our shop is a Pet Supplies shop
Once again, thank you so much, you have been a great help. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 18 September 2008 : 22:58:22
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Hi
This process is all about timing and it is possible that the landlord gets excited and causes problems for you.
I would recommend caution regarding informing him at this very early stage.
perhaps we can discuss timings when we chat.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
www.revivauk.com |
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Snow Dog
Junior Member
112 Posts |
Posted - 19 September 2008 : 09:05:35
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| We are actually planning to declare ourselves bankrupt at the end of September, so we really only have a week or so to get the shop sorted out. We don't want to have to go down the route of paying another months shop rent and business rates at the start of October! Anyhow, yes, I look forward to chatting with you later in the day |
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Thinking about Bankruptcy
