some advice please

deep_in_trouble

Hi
First time on here (posting) been on most days for research and trying to make things clearer in my mind.
I will try not to bore you with tales of my problems,That would be easy to do.
We have (had) a very good business until the banks (I cant blame any one else) caused the economic crisis.And we saw our turnover fall by 2/3 s kept on trading as like everyone else was told it would be over quickly as the banks had been kept afloat and the economy would soon turn around .The so called experts got that wrong.
sorry had to put that down in writing.
I have my 3rd B/R hearing shortly as the first two (1 pre xmas & 1 feb) the judge gave me time to find a buyer for our business.But being a Pub and the banks not lending to this trade I wasn't expecting this ave to be successful and it hasn't we haven't had one phone call.
We took the decision after N.Y.E. to close the business something that on reflection we should have done two years ago.
I am prepared for the B/R to be final next week but as we live on site above the pub and have our children with us how long does anyone think they will give us before we have to get out ????
our only asset is the property and I am assuming they will want to get it sold a.s.a.p. probably by auction (we have been advised auction would only raise 1/2 its true value) but without a buyer it has no value .
Sorry I will get to my questions .
1/ see above
2/ will the o/r want to take our personnel possessions and the children s even if they have little value
3/ could the o/r make us reopen the business although our debts are at app £75,000 (none 3 yrs ago)

I have lots more but that's enough for today and next time I will not ramble on.

thanks

debtinfo

so you are a free house and own the property outright (subject to mortgage?) so dont lease?

deep_in_trouble

Yes a wonderful free-house and a bigger mortgage than 3 years ago as the bank swapped our mortgage to interest only (to help us lol) but then they review it every 3 months with a % fee to renew it .

debtinfo

That is one good thing then, There is always a silver lining, for instance if you had been a leased property with one of the big pub co, you would have been out long ago.

Is there any equity in the property and is the living part and the business part on the same land registry title or seperate ones

deep_in_trouble

If it can be sold there is some equity which would clear all the debt and we could walk away with our heads held high .
But its been on the market along time with little interest and those who do show interest then cant raise any money via the banks as they aren't lending to this sector.

thanks

SurreyLass1

On trade is very hard at the moment - my parents have been in the pub trade all their lives, but have recently had to get out (Christmas) - they were tenants, so they didnt have to wait for a sale, but it was painful none the less. Adjusting to a different life style is proving hard too - my Mum cant find any work, as they live in a small village and she doesnt drive, and my Dad has taken on a Head Chef job just recently, but its all such a change.

I agree that there is no support from banks in the licensed sector - there are pubs closing down left right and centre. You will be lucky to find a buyer unless you are in a super location, in which case, your business would probably still be viable for you and you wouldnt be looking for out.

Have you contaced Business Debt Line for help and advice?

SL

deep_in_trouble

Bad times for all pubs and any trade that relies on the spare pound being spent with them.
Contacted lots of different org's some sound advice and some conflicting advice.trying to make sense of it all and pick out the real advice and throw away some peoples opinions.
Will have to wait and see what happens after court this week ????
That is the worry for me as nobody seems to be able to say as all cases are diff I suppose.
If any one has any thoughts as to time scales it would be much appreciated .
Just trying to keep it myself together for the family so they don't suffer to much .

Thanks

sundays

Is there any equity in the property and is the living part and the business part on the same land registry title or seperate ones[/QUOTE]

you need to answer the questions posed at you and not side track, not everyone loses there home, and some are given a amount of time to find alt accommodation.

Each case is different because of equity and non equity and ownership ie the question that was asked, the OR will determine if you can stay when they have fully established those facts,

Have you taken any proffessional advise.

deep_in_trouble

all the same building.so the same land registry.
there is some equity yes
but the equity can only be released if a buyer is found.

sundays

How much equity,
What is a reasonable sale,

my understanding is it can be 12 months for the OR to enforce a sale and proceedings when there is a resonable chance of a sale and to give you sufficient time to look for alt accom.

It could be that no sale actually indicates in todays climate that there isnt any equity, so id be saying if i did get a successful sale what would i sell it for and does that equate to equity or non equity to actually get a sale.
On top of that the property is a business and these buisnesses are just not selling, unless they can be changed into some form of different usage, i saw a pub by me sell and turned into a indian resturant..
Where there is equity the non bankrupt can offer some repayment to the OR to continue with ownership although the bankrupt will have a restriction put on them .