anyone know the rules of insolvancy !!

[stesrg]

Why is it that when I put my company into insolvancy 3 weeks ago my ex wife whome is a 50% share holder has manipulated the workforce and is allowed to carry on her new company in the old premisis when I am staying at home with one compny van "which I am not using" for work gains , as I have been told not to earn for 4 weeks for redundancy reasons !! my ex wife is making dessisions to cut up the works scrap and is witholding keys to plant and vans, I still have the keys to the premisis and allowed access which I find strange .... I am very confused here , when I contact the insolvancy company my calls are ignored, as know one will get back to me !! I have to put a closed bid in by monday to buy all the assets back !!

anyone ?

thanks in advance .

Ste ,

[JustinP1]

Get a lawyer fast.

[UpTheIron]

...and be prepared for some nasty shocks...you say 'my' company, but you only own (at most) 50%.

[Eric Mc]

Doesn't sound insolvent to me as the workforce still seems to be in place.

What type of insolvency are you enactiong -
liquidation?
receivership?
administration?

[jamesuk28]

Sounds like the company is in Administation, is that the case?

[stesrg]

thanks for replys companys gone !! INSOLVENT But We managed to pay all major debts off to most of customers ....

I have now been told as she has took on existing staff it is a case of "TUPE" No one but myself gets redundancy !!

best part I finaly do not have to see my X wife however feel scamed ....

Ste .

[Eric Mc]

So the company isn't being wound up in any way? It WAS insolvent but seems now that it isn't?

Which is it man?

[stesrg]

Eric Mc said:

So the company isn't being wound up in any way? It WAS insolvent but seems now that it isn't?

Which is it man?

The company is insolvent !! my ex has started a new company up and took all the staff in a new name who are claming redundancy , while i sit at home waiting to have a bid for the assets so I can start again (the legal way )

Ste .

[john_p]

Is the company in liquidation or administration?

These sort of things take ages - much more than three weeks - to sort out. The insolvency company are no doubt being instructed by your wife and will be IMPOSSIBLE for you to deal with. They will stall you as much as they can because they are being instructed to get rid of you.

If you suspect anything dodgy is going on and you want to stay involved with the company you must get a solicitor on the case TODAY!

Also with TUPE - if your wife has taken over the business as a going concern the employees transfer under TUPE - were you an employee? As in, you had a contract of employment (even if you were a director/shareholder) - if so then YOU have right to be transferred under TUPE also !

Edited by john_p on Monday 24th November 09:25

[stesrg]

john_p said:

These sort of things take ages - much more than three weeks - to sort out. The insolvency company will be being instructed by your wife and will be IMPOSSIBLE for you to deal with. I suspect the deal has been done to get rid of you so your wife can carry on the business without you.

If you suspect anything dodgy is going on and you want to stay involved with the company you must get a solicitor on the case TODAY!

the company was wound up on the 31st the creditors meeting was on the 18th I swore on oath at a solicitors to its insolvancy and debt figures , my x has took it upon herself to trade in another company with all the staff instantly !! I need all the assets to secure the workshop hence new loyal staff in the new year , I have work booked in but have to wait 4 weeks to claim redundancy so not in a rush to start up again hence legaly.... she is the one who is braking the law and seems to be getting away with everything at the moment ... my solicitor says the insolvency people have to to it by the book or they will loose their licence,but my x is very manipulative and cute . as the bids are today it will be interesting to see who wins.

I am a employee as I have had to claim my redundancy also !!

Ste

Edited by stesrg on Monday 24th November 09:33

[richardxjr]

She has phoenixed it then, buying the assets from the IP/Administrator, probably for very little, to ensure "the best outcome for creditors and staff" at the time.

Sorry, but she has outmanoevred you in this situation to her advantage.

Time to move on I'm afraid.

[stesrg]

richardxjr said:

She has phoenixed it then, buying the assets from the IP/Administrator, probably for very little, to ensure "the best outcome for creditors and staff" at the time.

Sorry, but she has outmanoevred you in this situation to her advantage.

Time to move on I'm afraid.

not unless she has done an ilegal move , the bids are today for both of us and are a closed bids !! sealed envelopes

Ste .

[john_p]

stesrg said:

richardxjr said:

She has phoenixed it then, buying the assets from the IP/Administrator, probably for very little, to ensure "the best outcome for creditors and staff" at the time.

Sorry, but she has outmanoevred you in this situation to her advantage.

Time to move on I'm afraid.

not unless she has done an ilegal move , the bids are today for both of us and are a closed bids !! sealed envelopes

Ste .

Is this process managed by the administrator/liquidator she appointed? I can guarantee now, hers will be whatever yours is, plus £1.

It is time to move on. Look to see how you can turn the situation to your advantage - you know customers, suppliers, staff - let the other company go and try and start afresh.

[john_p]

Also by what process have you been made redundant? There may be avenues to follow here if the process has not been followed properly.

The four week thing sounds a bit dodgy if I'm honest - is this just a way of keeping you quiet for a month while she locks in all the customers/suppliers so you can't deal with them?

[James P]

richardxjr said:

She has phoenixed it then, buying the assets from the IP/Administrator, probably for very little, to ensure "the best outcome for creditors and staff" at the time.

Sorry, but she has outmanoevred you in this situation to her advantage.

Time to move on I'm afraid.

While she may have more contact with the liquidator, the IP must seek the best offer for the assets. If the OP offers more than his ex, then his offer "should" be accepted. I say should as a suspect IP may have already agreed with the ex a price etc if she has gone to the trouble of setting up the NewCo. Were there any rent arrears or the landlord threatening distraint that would justify a quick sale?

Q for the OP - did the liquidator give notice to creditors that a connected party had expressed an interest in buying the assets? This applies to you as well as her but if not disclosed [Statement of Insolvency Practice 13], the liquidator may not be able to sell to either of you.

Also I suspect the 4 weeks relates to a claim for pay in lieu of notice rather than redundancy. If there is s a 4 week notice period, anyhing earned in that period will be deducted from the claim for pay in lieu of notice.

If the ex does buy the business and take on the staff, TUPE may apply in which case the OP can claim against her NewCo.

[stesrg]

Looks like I won the bid for the assets and have gained the premisis !!! the x has took the workforce however she seems to have done me a favour in this recession we are in ...... thanks for your input I have not slept properly for 4 weeks , I still think all these insolvancy companys are dogdge though .... why is it I have had to buy back everything when I brought it in the 1st place , the debts were minimal and what is owed in is sufficient !! I am so confused but at peace at last with a big debt :-(

Ste ...