Hi SpongeBob....just joined on here after googling a situation we are in, a reply of yours to someone's post was very interesting and wondering if you could give us some advice?
This was the original reply you posted to a member in dire straits financially in the pub he had leased.
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we left on Sunday morning with the saturday nights take and literally took everything but the barrels.
That is exactly what anyone in this situation should do.
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Your best bet, by far, is to sit down and talk with your pub company, and to start a dialogue with HMRC, your bank, and the electricity provider. The sooner you do this, the easier things will be
That is exactly what anyone in this situation should NOT do!
I know it's an old thread, but it is clearly relevent to many people. The OP owed £80k, had no income, and no assets other than a pub full of furniture worth maybe a couple of grand tops. (It may be in the books as worth £20k but its true fire-sale value would be no more than 10% of that)
Bankruptcy is realistically the only solution. Once that decision is made it is important that nobody knows what is going to happen until after it has happened. Get as much cash in as humanly possible and then vanish overnight with whatever you can fit into a borrowed van. Flog the furniture and stash the cash.
The following day, attend a pre-arranged interview at the county court and file for bankruptcy.
This is not the course of action that would be recommended by a 'professional', because it is not strictly lawful. However, it will work and you will get away with it! That few thousand pounds will prove very useful when bankrupt but is such a low figure that no-one in authority will care about it.
This is unfortunately what we now believe is the only way for us too! Do you have any knowledge as to whether we will be eligible for social housing - we have NOTHING left and two young children....our worry is that might we be seen to have failed our own business and therefore put ourselves out of our home? Does this make sense?
Thanks in advance !
