Unlocking pension to save business please help

[milly19]

hello all

can someone please help, my business partner, who looked after the finances for the company, un-beknown to me since earlier in the year was setting up her own company and has stripped our company of money clients etc, i am now the sole director/owner, i desperately need to raise cash to keep going, i have been let down by a company who were helping me to release my SIPP pension which is 10,150, i do understand the value is not great, however any funds would be of help, i am so upset that 2 years of hard work have come to nothing and at 50 its not that easy to get employment on a decent salary, i am single with a son, and its really tough in the current climate, i dont want to loose everything i have,if any personal advisors can help, or any companies that deal in pension release, or any advise as to where i could go i would be very grateful.

Many thanks to all Milly

 

[Jenni384]

The debts of the company are not yours, so it may be possible to carry on with your business via a new company, without you having to put your own personal money into it. That's putting it very simply!

I'd speak to an insolvency practitioner/ business rescue practitioner (Alan R Price on here is fantastic) to see what your other options are before you do something like releasing your pension - there may be other options.

 

[Truemanbrown]

hello all

can someone please help, my business partner, who looked after the finances for the company, un-beknown to me since earlier in the year was setting up her own company and has stripped our company of money clients etc, i am now the sole director/owner, i desperately need to raise cash to keep going, i have been let down by a company who were helping me to release my SIPP pension which is 10,150, i do understand the value is not great, however any funds would be of help, i am so upset that 2 years of hard work have come to nothing and at 50 its not that easy to get employment on a decent salary, i am single with a son, and its really tough in the current climate, i dont want to loose everything i have,if any personal advisors can help, or any companies that deal in pension release, or any advise as to where i could go i would be very grateful.

Many thanks to all Milly

How did your partner strip money and client's from the company? Did you have a shareholder's agreement in place?

 

[milly19]

No we didnt have an agreement, there was 3 directors equal shares, it came to light there were unexplained expenses, the other director called a meeting he wanted out, and she wasnt to be found, so what was left had to be used to pay them off, it has left me with virtually nothing, i cant afford to persue legally, my pension fund is very little but it may help to keep me going.

Thanks milly

 

[Scalloway]

I would reiterate Jenni's advice that it might be better to close down the company and start again.

Have you done any financial projections to see how your company would do if you did invest your pension in it? Try doing the same exercise with a new business without the burden of the old company's debt.

 

[Alan R Price]

I would reiterate Jenni's advice that it might be better to close down the company and start again.

Have you done any financial projections to see how your company would do if you did invest your pension in it? Try doing the same exercise with a new business without the burden of the old company's debt.

If the departed director removed money or assets dishonestly it might be worth reporting her conduct to the police.

milly 19, I'd be happy to speak to you informally. Check out our website www.marshmanprice.co.uk.