Ltd Company which is Ceased trading with a bankrupt Director

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Peckham

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Sep 18, 2008
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  • #1
    The business has closed and the director was made bankrupt but the Ltd Company is still Live...

    Who now owns the business? Does the Government? Who do i contact?

    How do i go about buying the company as the assests are worth a little?
     
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    Peckham

    Free Member
    Sep 18, 2008
    3
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  • #3
    Business went bankrupt offically 2 - 3 weeks ago in lincoln county court.

    Business called Why Not
    Jus Cos I Can Ltd owned stuff inside and why not.

    However was not the lease holder. The bankrupt director was one and one other person. Me who is not bankrupt.

    I wanna buy the business so i can sell stock and pay rent arrears.
     
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    PFT

  • #4
    OK, from what I can guage from you post, along with details on CH, the company entered into a CVA, which was discharged in Aug '08. The company is still listed as active, no notices of strike off due to insolvency, so I question your comment that the company was declared insolvent 2-3wks ago, can you elaborate on this?

    I assume you mean the director was personally made bankrupt, in which case he needs to submit a 288b, unless he was declared bankrupt but given leave to continue his post by the court? The last directors resignation was in April '07, was this his bankruptcy? In which case, what is your connection, are you a current director?

    If you are a director, you can not simply buy the business and sell the stock to clear arrears, as this would need to go through insolvency procedures. If you are an outside party, you can make an offer for the business including the stock, but you would not have the rent arrears to pay off, so I see no reason behind the intended purchase, or am I missing a detailed link?
     
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    Peckham

    Free Member
    Sep 18, 2008
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  • #5
    Cards on table.

    I was the original MD, was fired by Mother. I was the one who left in 07 (288a).
    Mother now current MD but was bankrupt on 28 Oct 08.
    Buisness closed in may 08.

    Phoned the Court yesterday they told me the business was declared bankrupt 2 - 3 weeks ago.

    The rent / lease was in her and My name only - Not the business.
    I had shares but i think she forged my signature to remove them.
    Now i intend to buy business as i am offically nothing to do with the business then sell stock and declare my self bankrupt.
    Once stock sold i send cheque to landlord with letter stating not able to pay anymore then go bankrupt and give up lease.

    Sounds pertracted but she fired me on spot and i havent spoke to her for over 2 years. All i care is getting rid of lease making some cash and not ever going back to lincoln ever again. her loss she did the same to my father 20 years ago.
     
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