- Original Poster
- #1
Hi,
Bit a of a long one! I posted here a couple of months ago asking advice on the Spongebob Plan which I then followed to the letter. My company was £60000 in debt and had no assets. I didn't owe any one creditor more than £5000, so wrote to them all as per plan, including inviting them to liquidate the company.
One of my creditors decided they saw potential in my insolvent company and wanted to pay for a creditors voluntary liquidation as they believed they could help me. They paid for me to visit their main office for a meeting about this. I was very gullible and was praying that they would maybe set me up in new premises and I would be an employee. At the meeting in early May they said they would liquidate the company thereby getting rid of all the debts for me and they would keep me on as a consultant to help with the transition of the company over to them - ie keep customers on board etc. They said this would be for six months and they would then take over. I had nothing to lose really, so I agreed to this, even if I did feel like I was selling my child! Nothing was agreed in writing, it was all verbal around a table.
Fast forward to last week, my company is now in liquidation, no creditors objected and I have been corresponding with the liquidator and providing information he asks for. I'm now at the point where I need to send him all the company accounts, bank statements, invoices owed etc.
On Thursday, I received an email from a associate of mine who has just sold her company to this creditor and she wanted to warn me that they have 'shafted' her. She didn't know what my own arrangement with them was, but hers was almost identical - they would keep her on for 6 months as a consultant. She sold the company, they took stock and company details etc and then said they only needed her for 3-6 days!
I had already transferred my domain name over to them about two weeks ago, but I still have the Facebook page which has 55k likes and over 200 5 star reviews and I also have the website. On Friday morning this creditor emailed asking for me to transfer over the Facebook page. I have been advised to get something in writing to confirm that they will keep me on for the six months before I do anything. I emailed back asking for something in writing confirming when they need me to start, how long it will be for, what my role will be and how much they will pay me. They emailed back this morning saying they will be in touch shortly about that, but in the meantime, please could I transfer over the Facebook page. I'm feeling extremely worried now!
My question is really: what exactly are they paying for by liquidating the company? Do they have every right to the Facebook page and website as 'assets'? If they are assets, shouldn't the money gained from selling them then be divided up between creditors and if so, I don't see a penny anyway? I'm really not sure what to do now. Should I hold onto these 'assets' or are they not mine to hold onto? I'm very confused and getting advice from people who may not know the legal implications of me holding onto these 'assets' if they even are assets?
HELP!
Bit a of a long one! I posted here a couple of months ago asking advice on the Spongebob Plan which I then followed to the letter. My company was £60000 in debt and had no assets. I didn't owe any one creditor more than £5000, so wrote to them all as per plan, including inviting them to liquidate the company.
One of my creditors decided they saw potential in my insolvent company and wanted to pay for a creditors voluntary liquidation as they believed they could help me. They paid for me to visit their main office for a meeting about this. I was very gullible and was praying that they would maybe set me up in new premises and I would be an employee. At the meeting in early May they said they would liquidate the company thereby getting rid of all the debts for me and they would keep me on as a consultant to help with the transition of the company over to them - ie keep customers on board etc. They said this would be for six months and they would then take over. I had nothing to lose really, so I agreed to this, even if I did feel like I was selling my child! Nothing was agreed in writing, it was all verbal around a table.
Fast forward to last week, my company is now in liquidation, no creditors objected and I have been corresponding with the liquidator and providing information he asks for. I'm now at the point where I need to send him all the company accounts, bank statements, invoices owed etc.
On Thursday, I received an email from a associate of mine who has just sold her company to this creditor and she wanted to warn me that they have 'shafted' her. She didn't know what my own arrangement with them was, but hers was almost identical - they would keep her on for 6 months as a consultant. She sold the company, they took stock and company details etc and then said they only needed her for 3-6 days!
I had already transferred my domain name over to them about two weeks ago, but I still have the Facebook page which has 55k likes and over 200 5 star reviews and I also have the website. On Friday morning this creditor emailed asking for me to transfer over the Facebook page. I have been advised to get something in writing to confirm that they will keep me on for the six months before I do anything. I emailed back asking for something in writing confirming when they need me to start, how long it will be for, what my role will be and how much they will pay me. They emailed back this morning saying they will be in touch shortly about that, but in the meantime, please could I transfer over the Facebook page. I'm feeling extremely worried now!
My question is really: what exactly are they paying for by liquidating the company? Do they have every right to the Facebook page and website as 'assets'? If they are assets, shouldn't the money gained from selling them then be divided up between creditors and if so, I don't see a penny anyway? I'm really not sure what to do now. Should I hold onto these 'assets' or are they not mine to hold onto? I'm very confused and getting advice from people who may not know the legal implications of me holding onto these 'assets' if they even are assets?
HELP!
