liquidating a business
Discussion
Got a bad shock last week that the company that I have contracted to for the last 27 years have been told that their main contract is giving notice of three months and then pulling out.
This means that my main contract will lose 85% of their business so they will not be viable, so last Wednesday they had a meeting with the staff and told them that as from 29th Feb they will no longer be trading.
They then had a meeting with myself to make certain that I would still supply couriers for the last three months, however in the meeting it was said that on the 29th of Feb they would be liquidating the business.
The outcome of all this is that I built my business up serving them and we went hand in hand (Or hanging onto each others hairy bits) over the years.
So the same difference as them, my business was made up of 85% of them and 15% of other customers.
So here's the crunch, as they have said that they are liquidating the business do I ask for the 5 weeks money I am owed and stop trading with them, do I keep trading and might get shafted or will it do me any good asking them to sign directors guarantees and would this mean that I would get my money.
As an aside after working for them for 27 years I would hope there would be some honour but no offence to Eric Mc they have a accountant as one of the 4 partners and because of this I am very scared of what way he might find for not paying me.
Your thoughts please folks. Grant (Very Worried)
This means that my main contract will lose 85% of their business so they will not be viable, so last Wednesday they had a meeting with the staff and told them that as from 29th Feb they will no longer be trading.
They then had a meeting with myself to make certain that I would still supply couriers for the last three months, however in the meeting it was said that on the 29th of Feb they would be liquidating the business.
The outcome of all this is that I built my business up serving them and we went hand in hand (Or hanging onto each others hairy bits) over the years.
So the same difference as them, my business was made up of 85% of them and 15% of other customers.
So here's the crunch, as they have said that they are liquidating the business do I ask for the 5 weeks money I am owed and stop trading with them, do I keep trading and might get shafted or will it do me any good asking them to sign directors guarantees and would this mean that I would get my money.
As an aside after working for them for 27 years I would hope there would be some honour but no offence to Eric Mc they have a accountant as one of the 4 partners and because of this I am very scared of what way he might find for not paying me.
Your thoughts please folks. Grant (Very Worried)
Edited by Drifting on Tuesday 4th December 00:26
Thanks for the reply's I am trying to get them to pay up front but I don't think it will happen.
Eric you are right about all the eggs in one basket but with the way their business expanded so rapidly we were never able to service outside customers properly, so it looks like after all these years I will have to start from the bottom again.
Grant
Eric you are right about all the eggs in one basket but with the way their business expanded so rapidly we were never able to service outside customers properly, so it looks like after all these years I will have to start from the bottom again.
Grant
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