It's quite a difficult one, but if I'm lucky there may be someone on here with the necessary knowledge of UK law and/or business practicalities. I'll try to be brief.
Basically I have barely worked since December for health reasons. I run a limited company with a partner. Because my partner does nothing (and never has) the business has gone somewhat down the tubes since I have been unable to work.
Accounts, admin and bills have not been dealt with and there are bailiffs imminent. I want to continue my company when I get better, and I think it's unfair that my company should lose all of it's assets because (a) I have been ill and (b) my partner is useless.
How do I fend off the bailiffs?
How does the company keep it's assets?
What can I do about my partner (without him being involved)?
Any advice on this or any other advice appreciated!
Sorry it's a big one, but if I told only half the story you wouldn't get it's complexity!
2007-03-23 08:02:11 · 6 answers · asked by AlexChappel 4 in Business & Finance ➔ Other - Business & Finance
Alla G: The equivalent of bankruptcy for a limited company is liquidation. And I believe if I do this, I will have to sell all it's assets to pay creditors, which will leave me without a company to return to when I get better.
2007-03-23 08:14:06 · update #1
Gabz 16: I realise the business needs an income to keep going, but I am still ill and unable to work. I'm looking to find out if there's anything I can do in the meantime.
2007-03-23 08:28:12 · update #2
Most partnerships do not have deeds of partnership because they are not legally required. Other partnership documents exist but most partnerships dont have them because they are not a legal requirement. These documents are however a good idea as they would put an idle partner like yours in the manure and help get you out of it!
You are now in need of specialist legal advice. Contact a solicitor urgently. Preferably a business specialist solicitor.
2007-03-23 09:37:34 · answer #1 · answered by brian t 5 · 1⤊ 0⤋
1) why hasnt your partner not done anything to help, especially when u have been ill?.. that is very selfish
2) try to get ur business to get running again and once sales are established again, then you should be able to negociate an agreement with bailiffs?? if you can.. then you can keep you assets.
3) watever type of business you have, u need to market its products or services. you need some sort of income to keep your business going. think of this: The 4 P's: Place, Price, People and Product. Goodluck!!
2007-03-23 08:15:02 · answer #2 · answered by Cheerios17 2 · 0⤊ 1⤋
Firstly sorry that you have been unwell - secondly my advice and I do not wish to offend other answers - would be to ring a solicitor for advice. I have done this several times and had a lengthy chat over the phone for free - they will direct you on what to do. If you feel then that you have to go and see them they will look at your financial posistion, but initially it is free advice and I have found it both directive and helpfull. Good Luck and get well soon.
2007-03-23 08:10:46 · answer #3 · answered by deep in thought 4 · 1⤊ 0⤋
is it not a possibility to pay the bills, and then when you make profit when you are fit to go back, you then deduct the cost of the bills not paid from any profits you make.
then also try to buy him out of the business
i hope this is something
2007-03-23 08:29:27 · answer #4 · answered by mjammy1978 3 · 1⤊ 0⤋
You'll have to contact your creditors and work out some sort of payment plan.
There's no pause button for responsibilities though.
2007-03-23 08:17:24 · answer #5 · answered by Vegan 7 · 1⤊ 0⤋
state the business bankrupt. then open up with a different name. thats what the companies do on watchdog. that way no need to buy your friends share.
....oh well maybe u should just sue that lazy friend!
2007-03-23 08:09:39 · answer #6 · answered by Anonymous · 0⤊ 2⤋