msoptimistic
Registered User
- Messages
- 14
Hi all
We have a company that is not doing well at all (showed loss last year) and we are thinking of liquidating it. Hope to get some advice.
Here is the situation:
1) We have a lease for the shop unit in a shopping centre and owes rent since Jan 09. But nearly half the shops in the centre had closed down and vacated since we moved in 3 years ago. We have been trying and trying to negotiate for rent reduction but they have done nothing.
2) We owe rates to the council
3) Other than that, we have no other creditors.
* Can anyone let me know the whole process of Liquidation? I presume the shopping centre owner would challenge us to get rent back?
* My biggest concern would be: Would an audit be part of the Liquidation process? Or rather can the shopping centre owners invoke an audit on our company because we owe them money + we have another profitable biz in the same company which we are in the process of transferring out of this company. (but this shop unit we are talking about is the shop that is causing an overall loss in the company)
Sorry this sounds complicated. Any advice from people with experience in Legals or Liquidation?
Thanks
MsOp
We have a company that is not doing well at all (showed loss last year) and we are thinking of liquidating it. Hope to get some advice.
Here is the situation:
1) We have a lease for the shop unit in a shopping centre and owes rent since Jan 09. But nearly half the shops in the centre had closed down and vacated since we moved in 3 years ago. We have been trying and trying to negotiate for rent reduction but they have done nothing.
2) We owe rates to the council
3) Other than that, we have no other creditors.
* Can anyone let me know the whole process of Liquidation? I presume the shopping centre owner would challenge us to get rent back?
* My biggest concern would be: Would an audit be part of the Liquidation process? Or rather can the shopping centre owners invoke an audit on our company because we owe them money + we have another profitable biz in the same company which we are in the process of transferring out of this company. (but this shop unit we are talking about is the shop that is causing an overall loss in the company)
Sorry this sounds complicated. Any advice from people with experience in Legals or Liquidation?
Thanks
MsOp