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Jeremy Aldermartin
Jeremy Aldermartin, Solicitor
Category: Bankruptcy Law
Satisfied Customers: 10363
Experience:  Dual qualified Solicitor and Attorney
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My company is failing and I'm trying to understand what we

Customer Question

Hello - My company is failing and I'm trying to understand what we can do legally. Our business has come to realize a lot of debt, and we need to close the business. I would like to start a new business doing something similar (not exact) with a new name.With the new business having a new name, would we be able to sell some of the products we used to sell with the same name as the brand that went under?The best way I can describe it is like us stocking the products of the old company but the current company is new, with a new name. It wouldn't be a trading name.
Submitted: 17 days ago.
Category: Bankruptcy Law
Expert:  Jeremy Aldermartin replied 17 days ago.

Hi thank you for your message, please note that I will look to provide an accurate but nevertheless speedy reply to your inquiry. I am sorry to hear about your situation but I will endeavour to help you today.

Expert:  Jeremy Aldermartin replied 17 days ago.

Yes that is perfectly acceptable. I trust this assists

Customer: replied 17 days ago.
Thank you.
Customer: replied 17 days ago.
Thank you. Appreciate it! This is helpful.
Expert:  Jeremy Aldermartin replied 17 days ago.

Happy to help, take care

Customer: replied 17 days ago.
Secondly. The business has a number CCJ against it, and owes money to several creditors. We have no funds or assets, therefore we can't afford a liquidator. How do we go about dissolving the company? Do we inform creditors that we have nothing and we will cease trading and encourage a petition for winding up?
Expert:  Jeremy Aldermartin replied 17 days ago.

A director could apply to the court could wind up the company. You need to show the court that: the company cannot pay its debts of £750 or more than 75% (by value of shares) of shareholders agree that the court can wind up the company. You need to complete this form: https://www.gov.uk/government/publications/apply-to-wind-up-a-company-that-owes-you-money-form-comp-1

And this form: https://www.gov.uk/government/publications/confirm-details-of-a-winding-up-petition-form-comp-2

Send that to the court with the winding up petition from shareholders. Send it to the nearest court that deals with bankruptcy: https://www.gov.uk/find-court-tribunal

It costs £1,600 to submit the petition and £280 for the court hearing. You’ll get a date for the hearing if the court accepts your petition. Before the court hearing, you must:

give (‘serve’) a copy of the petition to your company - fill in a certificate of service to let the court know you’ve done this
put an advert in The Gazette at least 7 days before the hearing
send a copy of the advert and the certificate of service to the court

You or your solicitor must be at the court hearing. You do not have to give any evidence.

If the court gives a winding-up order, the court will put an official receiver in charge of the liquidation. They’ll start liquidating your company. A copy of the winding-up order will be sent to your company’s registered office.

I trust this assists

Customer: replied 17 days ago.
Thank you for that, and what if I can’t afford £1,600…
Expert:  Jeremy Aldermartin replied 17 days ago.

Then you have to ask the creditors to strike you off instead. I trust this assists