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T O P I C R E V I E W
naomik
Posted - 01 June 2009 : 10:19:59 I own a pub and am in considerable trouble due to the recent slump. I have been to repossession hearings and have managed to delay a repossession until October when my case will be reviewed. Although trade is picking up it will not be enough to meet the agreed mortgage repayments. I have had a private offer to buy my property but it will result in a significant shortfall in the outstanding mortgage. If I take it can I declare myself bankrupt and have the shortfall and arrears included in a bankruptcy before the repossession?
1 L A T E S T R E P L I E S (Newest First)
Reviva UK
Posted - 01 June 2009 : 12:45:18 Hi naomik and welcome to the forum
I am sorry to hear about your challenges but as you know your industry is really struggling at the minute. The smoking ban hasn't helped and if you are with Punch or Enterprise then things can be really difficult because of the lease costs and ongoing stock costs.
Is your property the freehold to the pub? or are you a homeowner that is facing reposession and also have a pub.
Being in business, having a property and the debt situation can really get quite worrying and complicated.
I would really encourage you to speak to an expert who has experience with the pub trade and insolvency.
