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| oopsadaisy |
Posted - 28 January 2009 : 11:20:27
Sorry this is a long one......
I have recently had to close my business down (beauty salon) due to a significant decline in trade over the last 6 months, i'd stopped paying myself a wage and was struggling to pay business bills. I'd come to arrangements with some creditors, but was hit with a big VAT bill that would take forever to pay back in these market conditions.
After taking advise from accountant & solicitor I decided to go BR. Years ago I ran up credit card bills and had several unsecured loans, which i'd been managing the repayments fine until aprox 5 months ago.
Apart from a couple of months in 2006 when i split with an ex of 10 years and had to sell both our joint house and business premesis.I had to move my business into premesis which has cost alot more to maintain etc.
As it took almost a year to come to a financial settlement, i bought some equipment for the salon through leasing companies, the equipment is now valued less than what is outstanding, will these be sent back to the companies or sold and monies divided? I have no other assets really, only basic salon equipment. And how long would it take for the equipment to be taken away as its still at the old salon and the rent is up next week?
I live in a house my boyfriend rents and pays for and have use of his car as i sold my own last year to put money into the business.
Also I will be at Wrexham court, has any one had experience of this?
Sorry for the long thread! xx |
| 3 L A T E S T R E P L I E S (Newest First) |
| John |
Posted - 28 January 2009 : 16:07:39
Hi
the decision regarding the items you have that are quite old is entirely the collectors.
Often if the items appear to have no, or little, value they would not bother with them.
Yes all of the voucher holders are creditors and should be listed as such. If you have their details that is. If not this additional information should be explained to the OR at interview.
The OR will not be able to claim your boyfriend's car.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
| oopsadaisy |
Posted - 28 January 2009 : 14:18:06
Thanks John,
Do you think they'd take basic items like - waxers/ facial steamers/ couches etc? I've had most of this equipment for 4years and is not really worth anything. I do still have keys to the property and would like to leave it tidy for my landlord.
Another thing that I am concerned about is that the salon sold gift vouchers and there are still about £3000 in total outstanding( the most per client i would say is £50), i'm guessing i put this down on the form and inform clients they will have to write to the OR?
Also as I have use of my boyfriends car (he currently has a company one but is giving this up in March) and have to put this on the form, would they be able to take this?
Thanks Again |
| John |
Posted - 28 January 2009 : 12:25:28
Hi
the leased items will be returned to the owners.
It's often the case that retail units are visited by the OR's representative within 24 hours of declaring bankruptcy, sometimes the same day.
If you are no longer occupying don't worry. The assets can be seized via the landlord.
I'm afraid I can't give you any insight into the peculiar workings of Wrexham Court.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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