My Grocery Store is Insolvent
You only need to walk down any high street or suburban shop fronts to see to let boards proliferate. Anything from hairdressers to small butchers are closing their doors because they have not got the turnover to generate a profit to pay their rent. The grocery or small convenience store is no different. Only a few years ago almost every street had a little corner shop which sold everything from shoelaces to fork handles. (remember the old Two Ronnies sketch). Over time these have disappeared as people opted for the cheapness of a one week shop over the convenience of the corner shop. The matter has got even worse in the last few years with the major supermarkets such as Tesco opening their Metro stores in the heart of communities selling everything that the major stores sell. This has spelt the death of local butchers and bakers. Some local traders still survive and indeed just around the corner from me I have a grocer and an butcher, but for how much longer. Six months ago a Tesco moved on to their block. I will be astonished if those shops are still in existence this time next year. So if you are faced with this problem, you need to take some advice on how to get out of your lease, close down your business and finish without incurring any more personal liability. There will be solutions for you if you are a sole trader, such as debt management and and IVA if you have personal liability and if you operate by a limited company you could liquidate the business. The main thing to bear in mind is that if you are insolvent, you have an obligation to stop incurring more debt of there is no way you can trade out of your position. Information provided by Steve Thatcher of Help With Debt (UK) Limited and total debt solutions company. For all further reading see http://www.helpwithdebtuk.com for personal contact email sthatcher@helpwithdebtuk.com For Steve's thoughts see http://steves-debt.blogspot.com Finally if in the UK and you need a friend to speak to call 01162171406 About Author Steve is a qualified solicitor who specialises in debt solutions for businesses and companies alike. From pre-pack administrations to walk through bankruptcys he is always free to talk to. Disclaimer: Article submitters are solely responsible for the content of their articles. ArtiLib can't be held liable for the contents of the articles. Report Abuse | Browse By Category |
| Contact ArtiLib| Privacy Policy| Terms of Service |