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Help & Advise please
SmallBusinessFail
Posts: 1 Newbie
I am posting this on behalf of a good friend, so I do not know all of the details however I will provide as much as I can.
He owns a small Pub and provides a few rooms B&B. Over the past few years business has gone downhill due to the recession and a failed business venture (which involved a loan secured on the property, not yet paid off). He is not from the UK, though is from the EU and has been living here for roughly 10-15 years. He is in poor health to the extent where walking around and keeping the place in a relatively tidy state is becoming more difficult for him. He is now at pensionable age and has no UK pension to the extent of my knowledge, and due to health, he is unlikely to be hired (although has an array of qualifications in the Publican trade). I suspect the poor health is largely down to the stress as well as old age setting in.
It's now to the point (I say now, it's probably been like this for over a year) where he is making a loss and is struggling to keep payments up and creditors happy. I believe that he has no option but to declare himself bankrupt. If he does this, what happens? I gather he would lose the pub, and as such, his place of living, so what can he do?
He owns a small Pub and provides a few rooms B&B. Over the past few years business has gone downhill due to the recession and a failed business venture (which involved a loan secured on the property, not yet paid off). He is not from the UK, though is from the EU and has been living here for roughly 10-15 years. He is in poor health to the extent where walking around and keeping the place in a relatively tidy state is becoming more difficult for him. He is now at pensionable age and has no UK pension to the extent of my knowledge, and due to health, he is unlikely to be hired (although has an array of qualifications in the Publican trade). I suspect the poor health is largely down to the stress as well as old age setting in.
It's now to the point (I say now, it's probably been like this for over a year) where he is making a loss and is struggling to keep payments up and creditors happy. I believe that he has no option but to declare himself bankrupt. If he does this, what happens? I gather he would lose the pub, and as such, his place of living, so what can he do?
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Comments
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Hello SBF and welcome, I’m sorry to hear about your friend. Please ask him to contact a debt advisor at CAB, as he will see someone face to face and they will go through his options with him. If they suggest bankruptcy then come back to this board and we will help you all we can. I’m afraid the board is quite quiet at the moment but hopefully someone can advise you further.
Click on blue links below:-
Citizens Advice Bureau - Website: Citizens Advice or visit your local CAB centre (find nearest)
It may also be worth contacting Business Debtline too.
Business Debtline - Website: Business Debtline
Best wishes
If...x"If wishes were horses, then beggars would ride"
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Good advice above there.
Its sad isnt it that someone who has tried and tried and worked hard and then ends up like this.
I wish your friend well. I think he's lucky to have such a friend as you.
Good luck to him and if strangers send him best wishes for 2011 i hope it cheers him up a bit.
And please for any other further posters - no negatives please.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
hi there
i'm really sorry to hear your friend is struggling. the best advice has been given above, to talk to one of the free debt charities
good luck x0
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