My wife and I are sole partners in our business and we have had to cease trading because to continue to do so would incur more debt. We have our bankruptcy hearing at the end of the month. We have 2 1/2 years left on our lease for the shop . Can we just leave the stock & shop fittings & equipment and walk away. Once we are declared bankrupt can the landlord gain accesss to the premises or is this sorted out with the OR
The OR will instruct agents on the making of the bankruptcy order to take control of the business/stock/fixtures etc they will liaise with the landlord and surrender the lease back to them. It will assist the OR if you can provide keys to obtain access to the property - often they will ask you to meet the agent at the premises to gain access point out any goods on retetion of title or lease etc
There is nothing you need to do the OR has to do it but your co-operation would be greatly appreciated!
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk
one is to leave it to the official receiver and assist if you feel you can - bearing in mind that it is quite an emotional experience closing down the business and moving on to the next step.
Alternatively you can have assistance in concluding that part of your life with absolute dignity and control. You would also be able to utilise some of the asset value in paying for the court fees which is always a big help if there are two of you.
We have on a number of occasions helped individual businesses conclude the business and deliver back to leasing companies their assets and "finish up" in the very best way possible.
You also may want to check your stock for items that still belong to suppliers who have a right of title etc.
My wife and I are sole partners in our business
Posted - 15 July 2009 : 10:49:59
