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david3
Starting Member
16 Posts |
 Posted - 29 December 2008 : 19:32:29
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Hi, we run our own business, however we are due to go bankrupt in January and hadn't planned on trading in the New Year. Unfortunatley there was a fire which had spread through neighbouring buildings, although we didn't suffer any fire damage our shop was flooded and our stock suffered smoke damage.
We have reported the incident to our insurers and they have appointed a loss adjuster, does anyone know what will happen with regard to an insurance claim or has anyone got any advice on what we should do.
Thanks
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Edited by - david3 on 30 December 2008 16:30:56 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 29 December 2008 : 20:05:12
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Hi David
Really sorry to hear of the additional stress burden that the fire has caused. Thankfull nobody has been hurt.
As regards the insurance claim then if the insurance company know you are goint to petition fro Br it is likely they will stall and may well not pay.
If they settle before you petition then you will need to show the OR what has happened with the money, however there is nothing to say you can't use some of that money to pay for the court costs and appropriate other costs.
How are you getting on with the forms?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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david3
Starting Member
16 Posts |
Posted - 29 December 2008 : 20:16:35
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Hi Paul,
Thanks for the reply. It is causing all manner of problems because we have a lease for the shop and the lease requires us to insure the contents, fixtures/fittings etc, we also have to contribute towards the building insurance.(Our landlord is also a creditor as we are 2 months in arrears)
We had planned to stop trading now and our appointment for bankruptcy is 13th January. This would then leave the matter of hopefully rejecting the lease etc, however I now don't know where we would stand with regards to the repairs etc. We haven't mentioned the bankruptcy to the insurance company yet.
I'm really concerned because although the damage wasn't our fault could we still be held liable for any costs incurred after the bankruptcy?
P.s - had planned to sit down and go through the forms this week as we have finally completed a full list of all creditor etc but this has just happened so many late nights I think!
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Edited by - david3 on 29 December 2008 20:18:02 |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 29 December 2008 : 20:25:59
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It will all be wrapped up in the Br.
However there is a lot going on and you need to get everything down clearly before you go near the court forms.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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david3
Starting Member
16 Posts |
Posted - 29 December 2008 : 20:33:34
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Thanks again for the reply. Should i just continue with the claim and then notify the insurance company etc once I have gone bankrupt.
The fire next door has caused all manner of problems because they have even mentioned demolition due to the structural problems with the adjoining building (nightmare!!!!!!!!!), I'm pretty sure that our only loss is carpets, flooring and some of the stock but we have been unable to gain access yet as it is unsafe.
With regards to the forms I have taken copies so we can 'practise' and make sure we have put everything down correctly.
Thank you very much for your help
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 29 December 2008 : 21:16:47
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well done
suggest you continue with the claim - if only for the sake of the neighbours and landlord
does your insurance cover you for lost profits as well or just stock at trade value
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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david3
Starting Member
16 Posts |
Posted - 29 December 2008 : 21:34:17
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The policy covers us for lost of revenue, disruption to business and stock, does that make a difference?
Thanks
David
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 29 December 2008 : 21:55:08
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Not really
I was just wondering if you had the court fees or if you were better waiting for a couple of weeks for the insurance money and using some of that for the court fees.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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david3
Starting Member
16 Posts |
Posted - 30 December 2008 : 16:36:53
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We have had a meeting with our loss adjuster today and it has made the problems worse.
We haven't mentioned the bankruptcy but did say that if any of the work took longer than 2 to 3 months then as we were struggling we might as well shut.
The problem we have is that they have offered to possibly re-locate us, repair/replace stock etc, however even if we did re-locate etc it wouldn't change the financial position of our business so we would still need to stop trading. The main loss in the shop is landlords fixtures etc so they are repairable by his insurance.
We should really try to seek advice but just don't know where to go as we don't have any money. We don't know if we should continue with the claim or just inform the loss adjuster that after careful consideration we feel that it would be best to close.
Any advice or suggestions greatly appreciated.
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 30 December 2008 : 16:48:38
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Hi David
is sounds like you are getting very stressed by the situation and are not sure which way to turn.
I have had several calls today from folk on the forum who are in similar difficult positions and often just speaking to a third party can help put things into perspective and help you get a plan of action together to put you back in control.
The last thing you need to worry about is fees. Any decent professional will be pleased to discuss the situation for free and give you some valuable advice
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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david3
Starting Member
16 Posts |
Posted - 30 December 2008 : 16:54:11
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Hi Paul,
Thank you for your reply. I'm not so much stressed but confussed. I don't want to do anything that could get me in trouble with the insurance company, but at the same time i don't want people to think we are using this as an excuse.
I feel we should just tell the loss adjuster that we don't intend to carry on, however I just want to be sure that this would be the correct thing to do. We don't stand to benifit finacially from the claim as any damaged stock would just be replaced and any costs of re-locating etc would be paid for by the insurance.
Woudl you have any advice on who I should seek advice from?
Thank you
David
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 30 December 2008 : 17:23:48
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Hi David
we are not allowed to advertise here so I cannot recomend myself. Which part of the country are you in?
You could of course either phone the helpline above or an experienced Assisted Bankruptcy Specialist.
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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david3
Starting Member
16 Posts |
Posted - 30 December 2008 : 17:28:34
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Hi Paul,
Completely understand, we are in Somerset.
Thanks
David
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 30 December 2008 : 17:39:20
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How Bizarre
I live in taunton!
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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david3
Starting Member
16 Posts |
Posted - 30 December 2008 : 17:41:53
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How Bizarre!, you may well have seen the news regarding the fire. We live just outside Taunton.
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 30 December 2008 : 17:43:00
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I think you should make a call and put the kettle on
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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Topic |
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Insurance Claim - Part 2 HELP!
