Business Bankruptcy help

[mollie006]

Hi,
A friend of mine owns a business in the midlands for 4 years. The lease is a 20 years. It was personally guaranteed, on the advice of a lawyer, which i know was not right.

She is about 4 months behind on rent now and the landlord won't budge. She and her family are mental on what to do.

Under the laws, is there a way that she can restructure, thus paying off suppliers over time....yet move to a much smaller location and keep doing business?

She has about 80,000 in stock now---foot traffic is nearly gone and they are at wits end.

Any advice would be truly appreciated.

 

[fmc]

Hi Mollie get some legal advice and square up to the landlord. look for reduced rent and a longer time to pay the ll will find it extremly hard to relet in the economy. If this is refused or no negotiating is there suggest what will happen when they try to take it to court. Very few judges will make a judgement againest a home etc in order to maintain a lease for a landlord unless the eprson was acting very recklessly. record every attempt the friend makes at restructuring and negotiation with the landlord. This is not legal advcie however and i,m sure more experianced people could chime in.