What is the Spongebob Plan

[dvallance]

Hi all,

My friends business is having some problems at the moment and it looks like it's heading for insolvency. One of the directors said he read about the Spongebob Plan as a means of liquidation on these forums and I offered to look into it for him.

I have searched through as many threads as I could find but couldn't find an actual explanation as to what the Plan is and how it operated.

Could anyone enlighten me?

 

[STDFR33]

EDIT

 

[Mr D]

http://www.ukbusinessforums.co.uk/t...ich-to-pay-an-insolvency-practitioner.316523/

 

[Lisa Thomas]

The actual procedure is here: otherwise called the spongebob plan by this forum:

https://www.gov.uk/government/publications/company-strike-off-dissolution-and-restoration

Your friend should take advice form a licensed Insolvency practitioner - I'd be happy to chat to them.

 

[Gordon - Commercial Finance]

The real question is, has @Spongebob ever managed to monitise this thing for which his name has become so famous

 

[Mr D]

I think he is owed enough drinks to sink an aircraft carrier without planes.

 

[JEREMY HAWKE]

Its a good thing for the genuine person that has given it all but has not been able to straighten things out and has no where left to go .
I like others on here have spent years getting my head around Bobs plan and feel I have a good understanding of it coupled with 3 decades in business .

One thing you cannot judge is a situation from terms such as Friend , he him ect ect .
In order to get a full understanding if the plan is suitable you need a clear idea of the situation . Who is liable for what , What is owed , What PGs there are and is there actually any money in the business