The end of an era

chrisd

chrisd

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It's been a funny old day today, after running a business for close on 25 years, my co- director, and i, put our company in voluntary liquidation today. It really only seems like 5 minutes ago we were setting it up, and now, to get entrepreneurs tax relief on the assets we have to liquidate it - this took about 45 minutes to erase a business that only made one loss, went through some awful recessions, helped build the Channel Tunnel, never failed to pay everyone's wages - and, you know, i really am quite relaxed about it!
 
chrisd said:
It's been a funny old day today, after running a business for close on 25 years, my co- director, and i, put our company in voluntary liquidation today. It really only seems like 5 minutes ago we were setting it up, and now, to get entrepreneurs tax relief on the assets we have to liquidate it - this took about 45 minutes to erase a business that only made one loss, went through some awful recessions, helped build the Channel Tunnel, never failed to pay everyone's wages - and, you know, i really am quite relaxed about it!
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Hope you have kept an indemity policy going in case the Channel Tunnel collapses.:whistle:

Closing my company at the moment after 40 years, though only just over 30 years for me. Great not having the responsibilty any more.
 
richart said:
Hope you have kept an indemity policy going in case the Channel Tunnel collapses.:whistle:

Closing my company at the moment after 40 years, though only just over 30 years for me. Great not having the responsibilty any more.
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Thats my feeling too Rich.
 
My BiL is an insolvency accountant. He tells me that most owners going through this process feel guilt and incredible stress up to the point when they sign the forms. At that point he tells them to go home, they are no longer responsible and can do nothing. He can see the relief and weight lifting from them. It gives them their lives back. Best of luck.
 
Lord Tyrion said:
My BiL is an insolvency accountant. He tells me that most owners going through this process feel guilt and incredible stress up to the point when they sign the forms. At that point he tells them to go home, they are no longer responsible and can do nothing. He can see the relief and weight lifting from them. It gives them their lives back. Best of luck.
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I had that conversation at the liquidators, in our case we managed a substantial surplus and. the liquidation is simply for tax purposes but i did mention to the lady liquidator that id had a number of letters from her for other clients of theirs where we never saw a penny!
 
I know how much he charges per hour so it amazes me that any company in real trouble pays anything out to creditors. Liquidators strip companies bare, you wont find a poor one. If you ever get a letter regarding a company going down then assume you will get nothing. Anything above nothing is a bonus. You are in the lucky position, I think you are seeing it that way, of being a controlled liquidation where no one loses out. Well done.
 
That's a phenomenal achievement, especially through some difficult trading periods. I lift my hat to you sir.

Now enjoy the peace you have very much earned.

Think Richart needs to work a lot longer before he should retire...
 
Congrats- felt very relieved after selling my business a few years ago. The stress was killing me.

Just hate having to pay run-off indemnity cover every year though.
 
Lord Tyrion said:
I know how much he charges per hour so it amazes me that any company in real trouble pays anything out to creditors. Liquidators strip companies bare, you wont find a poor one. If you ever get a letter regarding a company going down then assume you will get nothing. Anything above nothing is a bonus. You are in the lucky position, I think you are seeing it that way, of being a controlled liquidation where no one loses out. Well done.
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We negotiated a deal for liquidation fees before hand. When we saw their fee structure we were ever so glad we did!
 
This might seem a silly question Chris, but could you not have sold it on as a going concern?

Anyway, from what you've said, enjoy your stress free living.

PS Except, being able to play more golf brings its own stress on you! :cool:

:fore: :thup:
 
Golfmmad said:
This might seem a silly question Chris, but could you not have sold it on as a going concern?

Anyway, from what you've said, enjoy your stress free living.

PS Except, being able to play more golf brings its own stress on you! :cool:

:fore: :thup:
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We had approaches but we did bigger equipment than the tool hire shops and also small stuff that the big boys didnt touch, so we never quite fitted for anyone. Also 2nd hand prices were very good 2/3 years ago and we were then able to sell our industrial unit where buyers usually want to rent
 
Did the same a few years ago - when you're so close to it its hard to realise how much of your time your sink into the business. When it stops you'll soon be so busy you'll wonder how you managed.
 
drdel said:
Did the same a few years ago - when you're so close to it its hard to realise how much of your time your sink into the business. When it stops you'll soon be so busy you'll wonder how you managed.
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You're absolutely right del, i had about 6 months off then found a part time job!
 
Well done mate, it's a good achievement and you've certainly done your bit.
Enjoy retirement and semi stress free living!
 
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