Trouble@Mill
Registered User
- Messages
- 1
Hello,
Myself and my partner had a business which collapsed in 2010. We own:-
Bank 1 110K for a business loan backed by personal guarantee
Bank 2 20K Home mortgage arrears
Bank 2 30K Commercial mortgage arrears on vacant building (Purchased for business use)
Bank 3 12K Overdraft
Also, We registered for vat on the purchase of the commercial property and the vat was to paid to revenue on sale of the building.
Should we look to do an informal arrangement with creditors first?
Whats the revenue position re the vat on the commercial property if we enter a PIA and surrender the building to the bank?
Whats the revenue position re the vat on the commercial property if we dont enter a PIA and surrender the building to the bank?
I would be very grateful for some advice. We are really unclear on the best option. I thankfully have a regular job paying €35K PA but my partner is ill so cannot work.
Thanks
Myself and my partner had a business which collapsed in 2010. We own:-
Bank 1 110K for a business loan backed by personal guarantee
Bank 2 20K Home mortgage arrears
Bank 2 30K Commercial mortgage arrears on vacant building (Purchased for business use)
Bank 3 12K Overdraft
Also, We registered for vat on the purchase of the commercial property and the vat was to paid to revenue on sale of the building.
Should we look to do an informal arrangement with creditors first?
Whats the revenue position re the vat on the commercial property if we enter a PIA and surrender the building to the bank?
Whats the revenue position re the vat on the commercial property if we dont enter a PIA and surrender the building to the bank?
I would be very grateful for some advice. We are really unclear on the best option. I thankfully have a regular job paying €35K PA but my partner is ill so cannot work.
Thanks