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888
Starting Member
United Kingdom
10 Posts |
 Posted - 20 December 2008 : 10:49:44
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Hi, i was wondering if anybody here can give me advice.
I just got married recently. My Wife has a Business, the lease finishes in June next year. But we dont have enough money for the rent, that is due at the end of December. Business has slowed right down, to the point its not worth opening.
Landlord has a £8k rental deposit, my wife tried to get a surrender on the lease, and if he allowed the serrender he could keep the rental deposit. But the Landlord has not agreed to allow the surrender, and told her to wait till June, when the lease runs out.
Landlord is big company, maybe they have more power???
We live in rented accomandation, and everything including the car is under my name.
So i was thinking if come end of December, and she just packed her stuff and left.
What trouble could she get into, or is better just to declear bankrupcy?
Also what would happen to the business rates as that is due at begining of January?
Also could the baliffs come to our flat, and start taking my stuff?
Please help, we have no way out!!! |
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John
New Member
United Kingdom
73 Posts |
Posted - 20 December 2008 : 11:41:58
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Hi
I think in the present climate commercial landlords need to take a more realistic view of small businesses and retail outlets in financial difficulty.
How much is the monthly rental?
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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888
Starting Member
United Kingdom
10 Posts |
Posted - 20 December 2008 : 12:37:10
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Hi, thanks for getting back to me. Rent is £2700 a month.
Quarter rent due end of the month about £8k, then another 2 months rent due in March. Also Business Rates are £1k a month, due begining of Jan. |
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John
New Member
United Kingdom
73 Posts |
Posted - 20 December 2008 : 13:00:56
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Hi
I take it your wife is a sole trader.
what kind of business is it?
Is there any stock value?
Is there any asset value?
Are there any trade debts?
Does your wife have personal debt?
Is the business owed any money?
Sorry for all the questions but need the bigger picture.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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888
Starting Member
United Kingdom
10 Posts |
Posted - 20 December 2008 : 14:30:52
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Yes she is a Sole trader, It is a Clothes shop.
She owed money to some friends & family for the loan when she opened the business. They have taken all the stock to cover the loan.
Other than that only owe now for Rent, Rates and electricity.
She has no assets. We got married a few moths ago and she moved in with me. Previously she was living with her parents.
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John
New Member
United Kingdom
73 Posts |
Posted - 20 December 2008 : 15:47:03
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Hi 888
at the moment the transfer of the stock is ok.
But, if the rent, rates and power fall sufficiently into arrears and your wife declares bankruptcy then the transfer of the stock to friends & family will be seen as preferential treatment.
If this is the case the Official Receiver can ask for the goods, or monies to the value of the goods, to be returned from the recipients.
Regarding rent, business rates and power, bailiffs can indeed come to your home address as your wife is a sole trader and not a limited company.
That said, if everything is in your name and she's only been living there a short while you could justifiably argue that she owns nothing for them to claim.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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888
Starting Member
United Kingdom
10 Posts |
Posted - 20 December 2008 : 16:09:15
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So if she does go to court to delare bankrupcy. Will the courts also ask for my bank details too?
Also will all her bank accounts be closed? |
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John
New Member
United Kingdom
73 Posts |
Posted - 20 December 2008 : 16:44:45
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Hi
if your wife were to declare bankruptcy her accounts plus any joint accounts would be frozen.
Yours would remain unaffected.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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888
Starting Member
United Kingdom
10 Posts |
Posted - 20 December 2008 : 16:51:12
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| We have a joint basic account, will that be frozen? |
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John
New Member
United Kingdom
73 Posts |
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Topic |
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Hi, i was wondering if anybody here can advice
