They're taking my business :-(

benten69

Surely if you have backups of everything you can let them take it and re-launch the exact same thing under a new brand name. The fact you have done all the leg work already is half the battle, the other half is establishing your brand. Obviously that part will have to be done again, making a name for the website.

However as above, sounds like the OR doesn't understand that without you the website will basically be nothing more than a domain name. If they take it and no-one buys it off them what are they going to do? Let the domain laps and the website disappear into the abyss? Effectively meaning they won't make a penny off it.

Think you need to make them understand that without you the website isn't worth a penny and that if they take it you quite simply cannot afford to buy it back which means you will lose your income and will not even be able to afford the £200 a month you have already agreed to.

AndyPix

What is the website ? (pm me if you dont want it public)


If it is a site that has intrinsic value as it is, ie a site that sells stuff and has customers then that is one thing.


But if it is a site that provides information for example - and YOU are the source of that information ie you are an expert on whatever subject it covers, then it has no value in its-self


It's hard to guage without seeing the site first - has the OR had a proper look ?
And did he/she understand it ?

Mgman1965

AndyPix wrote: »

What is the website ? (pm me if you dont want it public)


If it is a site that has intrinsic value as it is, ie a site that sells stuff and has customers then that is one thing.


But if it is a site that provides information for example - and YOU are the source of that information ie you are an expert on whatever subject it covers, then it has no value in its-self


It's hard to guage without seeing the site first - has the OR had a proper look



And did he/she understand it ?

Whichever it is, surely without the OP it is worth only the domain name.


If it sells things, unlike a shop say, it wouldn't be sold with stock, fixtures, fittings and man to keep updated. So just a basic domain name with just domain name value.


if info site, as said value is the domain name with the man with the relevant info to run it.


I'd be tempted to tell them to keep it then, and restart. First id see if the same domain name is available with .com if OP's is .co.uk say.

sortingmyshitout

No stock, it's an information/analysis/digital photo website. I take a commission of any photos that a set of freelance photographers upload to the site, but it's partly the information/analysis that I provide that keeps people coming back to the site.

AndyPix

^^ In that case, YOU are the value -
The site its-self is probly woth a few pounds depending on the domain name


You need to explain that to the OR

Flyright

It's not as simple as starting again with a new website as while you are bankrupt you have to trade in the name that you were declared bankrupt.

If you trade in a different name you have to tell everyone you deal with of the name in which you were made bankrupt.

pauledowa

First of all, kudos for having created a profitable online business, your present circumstances notwithstanding.

Starting again is risky and virtually certain to cost more in lost profits than the OR expects to get for the asset.

I am not so sure that the website is worthless without your involvement. It's probably automated to some extent, which means it can run unattended for a few weeks or months, generating profit for the estate (20k / year translates into 384 pw). It would be a waste, sure, but who said asset liquidation must be rational.

I think you should make an offer to the OR and see what they say. The amount would depend on the degree to which the site is automated and your negotiating skill. I think anything from zero to a multiple of the yearly profit is possible.

Based on what I have read in this thread, my initial offer would be £500-£1,000, accompanied by a statement explaining how the website is essentially a tool of trade that cannot run itself.

silvercar

Flyright wrote: »

It's not as simple as starting again with a new website as while you are bankrupt you have to trade in the name that you were declared bankrupt.

If you trade in a different name you have to tell everyone you deal with of the name in which you were made bankrupt.

OP is self employed, so would be trading as Mr X before and after bankruptcy. I can't see that the OR would have the power to force the same website to be used. What would happen if the rights to the domain name were lost?

I would think it possible for OP to inform the freelance photographers that he was moving to a new domain name and operating as before.

Analogy: oven cleaning business that used to advertise through one of the big names, informs loyal customers that he is moving to a new big name where they can still book his services.

debt_doctor

Hi,

The OR currently owns the asset that is your business. The asset is the website, any stock, customer lists, etc.

It could be that you are the main asset in the business, but this is often not the case.

Things I have seen before are a sandwich shop, with a lease and a customer delivery list - this business has a resale value without the current owner. OR wanted (and got £5k for that one)
or
I've seen a window cleaner round be an asset, (£3k I think) as the round had a business resale value.

So you have to think, if you were not bankrupt, and wanted to retire or move in to a different business area - could you sell it as a going concern? If you could, then the OR can too, and wants the money for it.

These things are all about bargaining. Currently the business belongs to the OR - and the risks also belong to the OR, so they will be looking to minimise their risk whilst maximising their return.

The OR claims it has a value so ask them how much, how they arrive at that value and how they intend to realise this value.One thing you certainly have is that no business equals no IPA (not sure if you think your IPA is fair, but that's another matter).

If an OR cannot raise money on the asset then they will look to disclaim it, as it is also a liability.

DD

30summit

How did you get on?

As someone else mentioned, sometimes it is best to speak with your OR over the phone.... They are not there to damage you..