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Rose24
Starting Member
9 Posts |
 Posted - 21 July 2010 : 12:17:05
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Hi everybody
I've nearly completed my SoA, but I was just wondering how much detail they are expecting concerning assets. For example, I have alot of shop fittings, so under the "Fixtures & Fittings" section should I just type "shop fittings" with an approx. value, or are they expecting me to list every single last hook and rail in the building? Because that would be a pretty long list.
Thanks. |
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darren.integ
Starting Member
United Kingdom
12 Posts |
Posted - 21 July 2010 : 12:36:08
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yes just list it under shop fixtures and fittings
as long as they can see that you have different items etc and the values it's ok. they will go over this with you in more depth in the interview you will have with the official receiver.
Integrity Debt Solutions |
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debtinfo
forum expert
2826 Posts |
Posted - 21 July 2010 : 17:36:34
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| Hi Rose 24, business assets are one thing that the OR is going to want full details off. When they first call you after the bankruptcy order they need to ascertain if they need to send someone out to collect or protect the assets. I would suggest that as you only get a small bx that you just put the total on the form and attach a list in the free section at the back of the forms. You dont need to put every hook and rail down, but as much detail on the larger items and what you think they fetch second hand at auction |
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Rose24
Starting Member
9 Posts |
Posted - 21 July 2010 : 17:47:17
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OK guys, thanks for the replies. I will try and list the larger items. I'm doing it online, so I can add extra fields.
I've just left everything in the shop for now, set the alarm and put the shutter down. Do they turn up with a big van, load it up and take it all away? Or does it stay there while they sort things out?
Thanks. |
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debtinfo
forum expert
2826 Posts |
Posted - 21 July 2010 : 17:54:36
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Depends on whether it is worthwhile. If it is the OR will send an agent who will come and collect everything. If not they will just leave everything where it is
Whether it is worthwile, depends on the value of the stuff, the costs of collecting and selling, whether the landlord has any claim on anything etc, |
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Rose24
Starting Member
9 Posts |
Posted - 21 July 2010 : 17:59:44
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quote:
Originally posted by debtinfo
Depends on whether it is worthwhile. If it is the OR will send an agent who will come and collect everything. If not they will just leave everything where it is
Whether it is worthwile, depends on the value of the stuff, the costs of collecting and selling, whether the landlord has any claim on anything etc,
Thanks for your reply Debtinfo. I wondered whether they might ask creditors to come and get their stock back. Do they do that sometimes?
There is quite alot of stock left there, but what the re-sale value would be is very hard to say, to be honest. It's mostly clothing. |
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debtinfo
forum expert
2826 Posts |
Posted - 21 July 2010 : 18:08:11
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If the goods are on sale or return, or retention of title then creditors can collect their goods. If it is a straight forward transaction then they are your (and now the OR's) goods. The creditors like everyone else will just put a claim for their debt in the bankruptcy.
The OR will ask about any 3rd party goods that are in the shop, such things as credit card machines and till systems |
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Rose24
Starting Member
9 Posts |
Posted - 21 July 2010 : 18:16:46
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quote:
Originally posted by debtinfo
If the goods are on sale or return, or retention of title then creditors can collect their goods. If it is a straight forward transaction then they are your (and now the OR's) goods. The creditors like everyone else will just put a claim for their debt in the bankruptcy.
The OR will ask about any 3rd party goods that are in the shop, such things as credit card machines and till systems
Thanks Debtinfo. I was wondering what to do about the Streamline machine etc. So much to think about, all this is whirling around my head! I think most of my suppliers have retention of title clauses so they will probably want to come and collect.
Thanks |
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debtinfo
forum expert
2826 Posts |
Posted - 21 July 2010 : 18:30:08
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| Make sure you mention to the OR when they speak to you that some are on sale or return as they are not the OR's assets and so might influence what they are going to do. Have a look at you contracts with your suppliers so you know for sure |
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Rose24
Starting Member
9 Posts |
Posted - 21 July 2010 : 18:45:49
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quote:
Originally posted by debtinfo
Make sure you mention to the OR when they speak to you that some are on sale or return as they are not the OR's assets and so might influence what they are going to do. Have a look at you contracts with your suppliers so you know for sure
Thanks Debtinfo, I will make sure I discuss it with the OR. It's not sale or return, as such, but most of my suppliers have clauses in their contracts stating that goods remain their property until paid for in full, so I imagine that will influence the direction of proceedings.
Filing on Friday. |
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Listing assets on SoA
