Insolvency advice for leased premises

[DavidP56]

I keenly read through the "SpongeBob Plan" and firstly wanted to say thank you for such a detailed thread. The stress I feel just now has sent me to my local GP of late but advice like this is invaluable as much as I hope nobody ever has to use it!

Where I was looking for a little extra advice is my business (Pub) will be winding up in a couple of days, a few months shy of my initial lease period due to the difficulties we have had but all of the fixtures and fittings belong to the landlord.

With us winding up and engaging with him over the last while, he has new occupants to take up the lease and start trading the very next day. Does this affect the SpongeBob Plan in any way as effectively the companies I am writing to may very well think the new owners are, well, me.

I've been left with zero cash in which to pay off some decent sizes debts and just want this all to be over. I have a full-time 9-5 job outside of this.....adventure.....so using the line about my livelihood is not entirely true, although the loss of MY business WILL mean I just cant pay back the debts I have accrued.

Whatever cash I have from the next couple days of trading will genuinely be there to pay off creditors but the percentage would be a fraction of what is owed but it feels right to still offer it?

Also, in the letters should I mention the premises Creditors are aware of are no longer anything to do with me and are in fact under new ownership through another lease? I don't want new people to suffer due to my own experience.

Thank you again!

 

[Scalloway]

I can't see why it should affect the Spongebob plan. The new tenants should publicise the fact that the pub is under new management.

 

[kulture]

There will inevitably be some effect on the new tenants. Whilst legally they are fine, and no-one can seize their goods or the landlord's goods this does not mean that no-one will try. It may also effect the ability of the new tenants to get credit accounts from some of the suppliers.

NONE OF THIS should matter to you. There is nothing you can do about this and so you should not worry about this.

 

[DavidP56]

Thanks folks, its very kind of you to offer those snippets. Ultimately you are correct that it shouldnt matter to me as I cant affect it, I just wanted to know if I could do anything to assist them and in turn ease pressure on myself.

Have a lovely weekend

 

[Lisa Thomas]

No - leave them to worry about it and move on with your life!

 

[DavidP56]

Thank you

Are there any special or different ways to advise HMRC or the Bank where my (depleted) account is held? I got the impression from the above that HMRC were almost not to be notified?

 

[Lisa Thomas]

If HMRC are a creditor you have to send them notice of the proposed dissolution. How much is left in the Company's bank acc?

 

[Newchodge]

You keep referring to me and my. Are you trading as a limited company or as a sole trader?

 

[DavidP56]

My apologies for my lingo, to confirm there is currently -£70 in the bank account and we are/were a limited company.

 

[Newchodge]

My apologies for my lingo, to confirm there is currently -£70 in the bank account and we are/were a limited company.

That's fine. It's just the situation would be a lot more complicated if you weren't a limited company!