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What to sell,my web firm is bankrupt,where to sell?

by Moik
5 replies
Hi! I invested in web designe firm 3years ago we made web portals and I have my own web portal, firm is close to bankruptsy, question is, how I can sell something, we have portfolio boons.lv and we have social networking portal boon.lv. Maybe I could sell some scripts or portal boon.lv, what shoul I do to get out most of what I invested???
#bankrupt #firm #sell #web
  • Profile picture of the author tomw
    Hi Moik,

    if your company has been closed because of bankruptcy, i.e. an official judgement in a Court of Law, then I'm sorry to say that you no longer own anything. Every asset connected with the company is now controlled by the Official Receiver to do with as they see fit in order to recoup some of the outstanding sums owed to your creditors.

    Unless you get clear and absolute clarification of your position to the contrary from a suitably qualified professional, under no circumstances should you attempt to sell any of the assets connected to the company from under the Official Receiver or the Court.

    Seriously, you will just be putting yourself in line for all kinds of unpleasantness and most likely will end up in prison.

    If you are close to bankruptcy and sell any assets for obvious personal gain (and not to benefit the company or your creditors) whilst still owing creditors and then allow the company to be made bankrupt you will also be in line for serious trouble and a possible prison sentence.

    Get real, proper, professional advice.

    Also, it's at times like this when fellow directors will do everything that they can to cover their liabilities, their *own* asses and assets (like their homes and possessions if there where any personal debts taken out in connection to the company) so really, I can't stress this enough:

    get professional advice as soon as possible.

    Once the ball starts rolling, the OR will go through absolutely everything with a fine toothed comb.

    Tom
    Signature
    STOP THE TRAFFIK: PEOPLE SHOULDN'T BE BOUGHT AND SOLD
    Help Us Rescue, Rehabilitate And Reunite Victims With Their Families
    STOP THE TRAFFIK is a growing global movement of individuals, communities and organisations fighting to PREVENT the sale of people,
    PROTECT the trafficked and PROSECUTE the traffickers.
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    • Profile picture of the author Moik
      Originally Posted by tomw View Post

      Hi Moik,

      if your company has been closed because of bankruptcy, i.e. an official judgement in a Court of Law, then I'm sorry to say that you no longer own anything. Every asset connected with the company is now controlled by the Official Receiver to do with as they see fit in order to recoup some of the outstanding sums owed to your creditors.

      Unless you get clear and absolute clarification of your position to the contrary from a suitably qualified professional, under no circumstances should you attempt to sell any of the assets connected to the company from under the Official Receiver or the Court.

      Seriously, you will just be putting yourself in line for all kinds of unpleasantness and most likely will end up in prison.

      If you are close to bankruptcy and sell any assets for obvious personal gain (and not to benefit the company or your creditors) whilst still owing creditors and then allow the company to be made bankrupt you will also be in line for serious trouble and a possible prison sentence.

      Get real, proper, professional advice.

      Also, it's at times like this when fellow directors will do everything that they can to cover their liabilities, their *own* asses and assets (like their homes and possessions if there where any personal debts taken out in connection to the company) so really, I can't stress this enough:

      get professional advice as soon as possible.

      Once the ball starts rolling, the OR will go through absolutely everything with a fine toothed comb.

      Tom
      Where could I ask online proper, professional advice in this case???
      {{ DiscussionBoard.errors[1249549].message }}
      • Profile picture of the author tomw
        Originally Posted by Moik View Post

        Where could I ask online proper, professional advice in this case???
        Don't even bother to ask online. You need to see a good lawyer and your accountant. In fact, your accountant should be able to recommend a reliable lawyer that they refer their clients to in situations like this.

        It's a common issue, particularly at the moment. Bankruptcy is nothing to feel ashamed or scared of, as long as you do everything by the book.

        The worst possible thing you could do is *nothing.*

        This is especially the case if you have other partners/directors involved and even more so if you believe them to be or they really are particularly unscrupulous.

        You need to get clued up - fast! I hate to say it, but in business as well as in life,

        "sh*t really does roll downhill."

        Tom

        P.S. from now on don't sign *anything* in connection with the company until a lawyer has gone through it. If you are having financial difficulties as a result of the issues with the company you should be entitled to legal aid.
        Signature
        STOP THE TRAFFIK: PEOPLE SHOULDN'T BE BOUGHT AND SOLD
        Help Us Rescue, Rehabilitate And Reunite Victims With Their Families
        STOP THE TRAFFIK is a growing global movement of individuals, communities and organisations fighting to PREVENT the sale of people,
        PROTECT the trafficked and PROSECUTE the traffickers.
        {{ DiscussionBoard.errors[1249580].message }}
    • Profile picture of the author TelegramSam
      Originally Posted by tomw View Post

      Hi Moik,

      if your company has been closed because of bankruptcy, i.e. an official judgement in a Court of Law, then I'm sorry to say that you no longer own anything. Every asset connected with the company is now controlled by the Official Receiver to do with as they see fit in order to recoup some of the outstanding sums owed to your creditors.

      Unless you get clear and absolute clarification of your position to the contrary from a suitably qualified professional, under no circumstances should you attempt to sell any of the assets connected to the company from under the Official Receiver or the Court.

      Seriously, you will just be putting yourself in line for all kinds of unpleasantness and most likely will end up in prison.

      If you are close to bankruptcy and sell any assets for obvious personal gain (and not to benefit the company or your creditors) whilst still owing creditors and then allow the company to be made bankrupt you will also be in line for serious trouble and a possible prison sentence.

      Get real, proper, professional advice.

      Also, it's at times like this when fellow directors will do everything that they can to cover their liabilities, their *own* asses and assets (like their homes and possessions if there where any personal debts taken out in connection to the company) so really, I can't stress this enough:

      get professional advice as soon as possible.

      Once the ball starts rolling, the OR will go through absolutely everything with a fine toothed comb.

      Tom
      I see a lot of nonsense "legal" comments or accounting advice on this site, but this comment is not one of those.

      Very sensible advice sir, and you make some very accurate points about selling assets etc when a company is at or near to insolvency.

      To the OP, get some proper advice from your accountant or solicitor.
      {{ DiscussionBoard.errors[1249584].message }}
  • Profile picture of the author tomw
    Moik,

    I wish I could be of more assistance but I'm not an accountant or a solicitor, I just own a number of businesses. In the Uk there are services such as:

    National Debtline – Free, Confidential Debt Advice – Call 0808 808 4000

    I'm sure there must be something similar in Ireland. Although the website I posted is full of great advice it is very likely that it will not be completely valuable for you because of differences in laws etc. However, it may give you some pointers and a little peace of mind before you receive professional advice, as directed by Telegraph Sam and I.

    Tom
    Signature
    STOP THE TRAFFIK: PEOPLE SHOULDN'T BE BOUGHT AND SOLD
    Help Us Rescue, Rehabilitate And Reunite Victims With Their Families
    STOP THE TRAFFIK is a growing global movement of individuals, communities and organisations fighting to PREVENT the sale of people,
    PROTECT the trafficked and PROSECUTE the traffickers.
    {{ DiscussionBoard.errors[1249635].message }}

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