How to get out of a business lease

Mojo_hi

Hi, I started a business in October 2012 unfortunately my business stopped trading in September this year. I still have the lease on it, but I am not paying the rent, because the lease is in my name the council are still charging me rates on it albeit at a reduced rate, because the building is empty. Is there anyway of getting out of this situation. If I declared myself bankrupt as I have no money to continue paying this would this be the solution? I am desperate here. Please advise!

doe808

What are the terms of your lease?

As far as I am aware the lease will continue (and debts will accrue) even if you are bankrupt. Best to take professional advice, or try to cut a deal with your landlord.

If you owe over £3000.00 it maybe that the landlord will petition for your sequestration- in order that he can recover the rent you owe from your assets. But seems unlikely since it would be cheaper to get a simple court order again you (under the standard irritancy/recovery provisions,under your lease).

Its why (imo) leases should never be taken in your own name.

Please note this is my opinion, and is provided for discussion purposes only. Please take professional advise if in doubt.