Recent content by Shopaholic

  1. S

    Advice pls re Ltd company closure

    Thank you for all your help!
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    Advice pls re Ltd company closure

    Thank you, this is what we thought but so reassuring to hear. What does a specific personal guarantee cover? There was no personal guarantee in our contract with said creditor. In the recent emails we originally said (to said creditor) we would try to sort payment out but this was prior to...
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    Advice pls re Ltd company closure

    Hi SpongeBob - Thank you for your advice & yes this is exactly why we have no choice but to go down this route as we cannot prefer one creditor over another. Were caught between a rock and a hard place and have no choice. I realise the bluster re taking action against us for trading whilst...
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    Advice pls re Ltd company closure

    Your help has been invaluable!! Do you think we need to take legal advice re the Licensor's threat to take a civil case against us as a director trading whilst insolvent? I don't see how this is possible as we are only winding the company up because he terminated the contract thus cutting off...
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    Advice pls re Ltd company closure

    Yes, I mean the company is the Licensee. :) Is there a specific reason for this sentence in the SpongeBob letter to creditors? As you are a creditor of the company I would ask that you consider taking this step so as to bring about the early resolution of the company’s affairs.
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    Advice pls re Ltd company closure

    Yes we are the licensee. No our names appear nowhere other than as signing on behalf of the company. If the Licensor 'chose' to issue winding up proceedings would we be liable for his legal costs based on the above point from our defunct contract?
  7. S

    Advice pls re Ltd company closure

    okay I understand. I guess I'm just worried about the contract we had with the 3rd party for whom we resold their goods trying to take legal action on the basis of our now terminated contract. This paragraph is worrying me, or is this null and void based on the plan? Upon termination of this...
  8. S

    Advice pls re Ltd company closure

    Great - thank you. Last question... does the liquidation process take precedence over any contract which was previously in place with a licensor? (contract terminated by them 25th Dec)
  9. S

    Advice pls re Ltd company closure

    That's great - I understand. And in terms of implementing the plan we need to get on with that now - sending the letter to both creditors etc. Is email acceptable or is it better to be by recorded delivery letter?
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    Advice pls re Ltd company closure

    Thank you very much for your reply. So we would be ok to take that money out of the bank despite having these outstanding creditors? No personal guarantees. We made the decision to cease trading on 25th December - I take it we need to implement the SpongeBob plan now without delay? Yes the...
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    Advice pls re Ltd company closure

    I'd be really grateful for some advice please, I have read thru the SpongeBob plan which is a great help but have some specific questions. We have a Ltd company formed in Scotland just over a year ago and we are now in a position whereby we have no choice but to cease trading. We have approx...
  12. S

    Winding up a partnership - English Law

    I wonder if anyone could offer me some advice please. We have a limited company & had a partnership agreement/contract with a 3rd party. Said 3rd party has chosen to end our contract. There are invoices outstanding for November/December commission which they would have raised at the end of...
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