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Winding up a solvent business

(5 Posts)
flippy Thu 20-Aug-09 12:32:31

Just posted in self-employment with a WWYD situation and realised by the end of it that really I know what I should do.
I want to wind up my business (sole trader).
It's solvent but with a slowly increasing overdraft.
I am 2 years into a 5 year lease on premises.
Any ideas on my options would be appreciated. Thanks.

SueW Thu 20-Aug-09 13:22:29

I don't know the answers but one immediate question springs to mind: is there a notice term on the lease so that you can break it or are you committed for the full five years?

flippy Thu 20-Aug-09 13:36:22

I don't think there is a 'break' clause in the lease. I am hoping there is a notice period or that the landlord might release me.
Solicitor is on holiday till 7 Sept, I know I should just put my head down and get on till he returns, but now that I've kind of made the decision, I am desperate to investigate my options.

Medee Sun 23-Aug-09 12:57:55

if you are a solvent limited company, you are looking at a Members Voluntary Agreement to dissolve the company, but you need all your creditors permission to do so, and that includes your bank and the landlord. If you are an unregistered sole trader, it will all come to you, so the main thing is to pay off the OD and speak to the landlord.

mamayaya Fri 04-Sep-09 21:33:55

Agree with Medee. Which solicitor are you using? Does the bank which provides you with an o/d have any kind of charge securing this? Check the terms of your lease. Let me know if you need help - I'm a solicitor and just been made redundant so happy to help! (and dh is insolvency solicitor)

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