Sale of Business Frustrated by Landlord

Following appointment in 2004 of a business in Gloucester, we hoped that it would be possible to sell the business as a going concern and to that end a great deal of time and effort was spent progressing along these lines. A potential purchaser was found but unfortunately the sale fell through after landlord of the premises would not agree to a transfer of the lease to the prospective purchaser because the company was relatively new. When no other potential purchaser could be found we were left with no option but to dispose of the assets at auction.  

Alison Byrne states: "As Liquidator we always strive to rescue a business where possible and only when that is not possible will we consider a formal wind down of the business. In any event we always maximise realisations of all the company's assets to ensure the best possible return to creditors". 

It is essential that businesses and individuals seek early advice as it is often possible to avoid formal insolvency proceedings and implement a recovery plan