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Taking over a business where the owner is likely to face confiscation proceedings for fraud
11 Answers
I am currently freelancing and doing most of the work for a person who is likely to be found guilty of fraud and accepting goods on a client's supplier account,in lieu of payment of accounts fee, knowing full well that client had had several failed businesses and was possibly trading whilst insolvent. How do I stand as far as taking over a business that could be subject to confiscation proceedings. I am paying for the business with fees that are owed to me by the current owner.
Answers
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I've no idea of the background to this, as the above 2 clearly do have, from tracking your previous comments.
It is my understandin
It is my understandin
13:38 Tue 16th Oct 2012
When you are drowning, get out of the pool!
I'm sorry i don't know the answer to your question but you really really don't have much luck or judgement in business (ref working for £1 per hour for so long when your wife is disabled and you are not well yourself and so on) so i wonder if it might just be better for you to cut your losses, and just get a job where you are working for someone else, and just know how much salary you are going to get at the end of the month (even a job behind the till in macdonalds or something)
I'm sorry i don't know the answer to your question but you really really don't have much luck or judgement in business (ref working for £1 per hour for so long when your wife is disabled and you are not well yourself and so on) so i wonder if it might just be better for you to cut your losses, and just get a job where you are working for someone else, and just know how much salary you are going to get at the end of the month (even a job behind the till in macdonalds or something)
I've no idea of the background to this, as the above 2 clearly do have, from tracking your previous comments.
It is my understanding that both the business (limited co, I assume) and the directors may end up subject to sanctions from the courts. So the obvious point from that is no-one should be buying a business without takings appropriate due diligence pre-work. But I assume you don't have the funds to do that.
However, if you have already written-off fees owed as a bad debt, and you are intending to acquire only the goodwill and client list (i haven't a clue what this business does), then you could perhaps consider entering into a simple written agreement with him that you are acquiring the goodwill of the business from XYX Ltd. You do not want to be 'taking over this business' to quote back your phrase. You would be running your own self-employed business.
It is my understanding that both the business (limited co, I assume) and the directors may end up subject to sanctions from the courts. So the obvious point from that is no-one should be buying a business without takings appropriate due diligence pre-work. But I assume you don't have the funds to do that.
However, if you have already written-off fees owed as a bad debt, and you are intending to acquire only the goodwill and client list (i haven't a clue what this business does), then you could perhaps consider entering into a simple written agreement with him that you are acquiring the goodwill of the business from XYX Ltd. You do not want to be 'taking over this business' to quote back your phrase. You would be running your own self-employed business.
Factor 30 'Sorry, i can't help- I always got confused by the background to this and lost track of who was charged with what, and your "yes I got away
with it" thread froma few months ago has perhaps clouded my judgement'
I am afraid you have completely lost the plot. This is nothing to do with the court case or the other business from a few months ago.I am now trying to pick up the pieces and start all over again and the cost of this business is less than £10,000 for £80,000 of turnover. I myself have left most of my past behind and changed my name by deed poll to draw a line under what I did to try and recover some of the £98,000 I put into the old business. I have avoided having to repay a loan back to a financial institution of £36,000 as I do not now own any part of the business that now belongs to my ex business partner.That loan is now his problem.
Bednobs 'When you are drowning, get out of the pool!
I'm sorry i don't know the answer to your question but you really really don't have much luck or judgement in business (ref working for £1 per hour for so long when your wife is disabled and you are not well yourself and so on) so i wonder if it might just be better for you to cut your losses, and just get a job where you are working for someone else, and just know how much salary you are going to get at the end of the month (even a job behind the till in macdonalds or something)'
Might be Fluffing better if I tried ripping off the taxpayers like yourself and sponging off the country. But I am trying to earn an honest living in a country which is totally bent and corrupted,with people at the lower end sponging off the state and people in high places taking the country for a ride on expenses and making huge bonuses out of people that try to get on the self-employed ladder. People like you make me sick and the best thing that could happen to you is for you to be pulled out of your house,beaten up and castrated.
with it" thread froma few months ago has perhaps clouded my judgement'
I am afraid you have completely lost the plot. This is nothing to do with the court case or the other business from a few months ago.I am now trying to pick up the pieces and start all over again and the cost of this business is less than £10,000 for £80,000 of turnover. I myself have left most of my past behind and changed my name by deed poll to draw a line under what I did to try and recover some of the £98,000 I put into the old business. I have avoided having to repay a loan back to a financial institution of £36,000 as I do not now own any part of the business that now belongs to my ex business partner.That loan is now his problem.
Bednobs 'When you are drowning, get out of the pool!
I'm sorry i don't know the answer to your question but you really really don't have much luck or judgement in business (ref working for £1 per hour for so long when your wife is disabled and you are not well yourself and so on) so i wonder if it might just be better for you to cut your losses, and just get a job where you are working for someone else, and just know how much salary you are going to get at the end of the month (even a job behind the till in macdonalds or something)'
Might be Fluffing better if I tried ripping off the taxpayers like yourself and sponging off the country. But I am trying to earn an honest living in a country which is totally bent and corrupted,with people at the lower end sponging off the state and people in high places taking the country for a ride on expenses and making huge bonuses out of people that try to get on the self-employed ladder. People like you make me sick and the best thing that could happen to you is for you to be pulled out of your house,beaten up and castrated.
:) i'd like to see you try and castrate me - i'm a girl.
My point still stands really - you showed extremely poor judgement and business sense for quite some time in your previous business (instead of thinking "oh dear i'm working 3000 hrs for £3000, i'd be much better off getting out") you continued to do this for some time. I just wonder if it'd be better for you to just get a salaried job, rather than getting involved in a business that is shady
My point still stands really - you showed extremely poor judgement and business sense for quite some time in your previous business (instead of thinking "oh dear i'm working 3000 hrs for £3000, i'd be much better off getting out") you continued to do this for some time. I just wonder if it'd be better for you to just get a salaried job, rather than getting involved in a business that is shady
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