Hi Joel
As you are in the UK, talk to the Administrator (probably an
Insolvency Practitioner) as soon as you can.
An Insolvency Practitioner (IP) is supposed to maximise the assets for
the benefit of the creditors and he would be able to sell all or any
of the assets on the best terms possible.
If the IP has been appointed by the bank (not unusual) then the bank
will be looking to get its monies back but (generally speaking) nobody
gives a hoot about the unsecured creditors.
The IP will have first call on the assets for his fees and expenses
(not inconsiderable) and then the secured and preferred creditors will
take their whack. The bank ususally has plenty of security including,
in many cases, personal guarantees given by (or on behalf of) the
directors.
However, you may be able to carve out a deal with the IP that makes sense to you.
If you haven't done so already, get a copy of the latest accounts
filed at Companies House:
http://www.companieshouse.gov.uk/
These (and other info) can be downloaded for a small charge and might be helpful.
However, you need to move fast before the cake gets carved up.
Good luck!
Bryan |
