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Cant afford to liquidate

  • Thread starter Thread starter jennystafford
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jennystafford

I have been in business with a 'friend' for 18 months when in February our business ceased trading as we became insolvent. I have since discovered my business partner had been helping herself to a significant amount of cash receipts. She refuses to speak to me. She was the 'accounts' part of the business.

I have spoken to a liquidator to arrange the winding up of the company, but it is going to cost around £4-5,000. The whole situation has left me with no choice but to go bankrupt personally, and I am about to lose my house.

I want to wind up the business, but can't afford to.

Incidently, my ex business partner has not worked since, and lives at home with husband who does not work, their four children, and a full time nanny!!!

Any ideas or advice??????
 
Have to ask - why have you waited so long? She may refuse to speak to you but as a partner in the business she has equal liability as yourself (assuming a 50/50 split). The liquidator should be earning their money and speaking to her on your behalf. Doesn't matter what their financial situation is, you should not be held liable for all the debt.
 
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For starters, is this a Ltd Co or a partnership?

If it's Ltd what's the nature of any guarantees? Are they 'joint and several', ie your business partner is equally liable for the debt?
 
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jennystafford said:
I have been in business with a 'friend' for 18 months when in February our business ceased trading as we became insolvent. I have since discovered my business partner had been helping herself to a significant amount of cash receipts. She refuses to speak to me. She was the 'accounts' part of the business.

I have spoken to a liquidator to arrange the winding up of the company, but it is going to cost around £4-5,000. The whole situation has left me with no choice but to go bankrupt personally, and I am about to lose my house.

I want to wind up the business, but can't afford to.

Incidently, my ex business partner has not worked since, and lives at home with husband who does not work, their four children, and a full time nanny!!!

Any ideas or advice??????
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If you are about to go bankrupt personally why do you want to pay to have the company liquidated?

Are you a director/share holder in this company you and your ex-friend have?
 
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