Hi Jo no not at this time, we are still supplying him weekly and he pays each invoice within 7 days.
The problem is the debit is not reducing and I fear he will run the business into the ground.
As I said I know we can make this Business work but until then we want to secure our debits by securing the business property before other creditors take action.
He owns no property, he has agreed to give us a charge over his business assets.
I estimate the business to be valued at £50000.00.
I can stop supplying him and the business would cease to run. The business carries our name but under a different post code and he is tied in to purchasing goods from us.
I would rather take over the site but not the business name.
His son is the sole director, it is a LTD company.
Thank you for your response Alex, how would I go about securing the debit?
How do I get a charge on his assets so no one else can take them over?
If I can secure his assets I can still work with him.
Thank you Alex
Is he able to sell the assets to me, we basically want to protect them?