"Thanks for the advice Tim, I really appreciate it!"
20/02/2020 | Insolvency
By Tim Corfield
Stanley called me last week “I think I’m going to need your help again, Tim” he started. Griffin & King had liquidated a company of his a few years ago. Stanley went on to explain that there was a lease in the name of his company, Bully Limited, which was causing problems. Bully Limited didn’t even now occupy the premises and there were ten years left to run on the lease. Bully Limited had more or less ceased to trade and Stan certainly didn’t need it for his ongoing operations. There weren't any personal guarantees in respect of the lease.
Stanley had spoken to the agent for the landlord who wasn’t at all amenable to reaching an agreement to terminate the lease and he felt liquidating Bully Limited would be the only way of drawing a line under the lease.
I suggested to Stanley that he speak directly to the landlord, before starting any insolvency process, to see if a sensible agreement could be reached to the benefit of both parties. “Hmm”, Stan said, “I’ll try, but I don’t hold out much hope. I’ll call you when I’ve spoken to him.”
A few days later a happy Stanley called me again. “Would you believe it?” Stan chuckled “The landlord has settled for £3,000 and agreed to forfeit the lease immediately.” We chatted it through for a few minutes and Stan agreed to call me if any problems came to light. Finally, Stanley paused and said quite emotionally “Thanks for the advice Tim, I really appreciate it.”
Until that moment, I hadn’t given the story much thought. That’s what we do, every day. Sometimes the solutions can be a little more complicated!
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