:help::help::help::help::help:

Can anyone recommend a solicitor that deals with companies etc? needs to be one which will accept legal aid ideally too.

I am in the process of buying a business that used to be a limited company, they stopped trading as a limited company and re-set up as a partnership since they didnt have any creditors etc and no reason to be a limited company, just meant a lot of extra paperwork and expense. I am buying stock, machinery, website etc etc.

everything is ready to go, but an application has litterally just gone in to dissolve the limited company and i've since discovered if any assests are still attached to it then they'd go to the crown even though there are no debts owing.

I need to ensure everything has been done the right way and that everything can legally be sold to me as i dont want the comeback if anything hasnt been done right!! especially as i'm taking out a big loan to do this :help:

Problem is i am going away on holiday tonight so need to try to get this sorted out ASAP. I realise today may be too short notice to see someone but if anyone does know of someone that would be great! or of anyone who i could contact to see as soon as i am back. I'll be taking the computer away with me as i really have to get all this sorted out

Many thanks in advance!!!!!!

I'm not sure any solicitor will accept legal aid in the matter of buying a company

I agree with the above post.
You probably should have consulted a solicitor prior to arranging to buy.
I am not a solicitor or an accountant but I believe any net assets will be distributed to the partners. If it is dissolving surely there is going to be no company to buy.

:help::help::help::help::help:

Can anyone recommend a solicitor that deals with companies etc? needs to be one which will accept legal aid ideally too.

I am in the process of buying a business that used to be a limited company, they stopped trading as a limited company and re-set up as a partnership since they didnt have any creditors etc and no reason to be a limited company, just meant a lot of extra paperwork and expense. I am buying stock, machinery, website etc etc.

everything is ready to go, but an application has litterally just gone in to dissolve the limited company and i've since discovered if any assests are still attached to it then they'd go to the crown even though there are no debts owing.

I need to ensure everything has been done the right way and that everything can legally be sold to me as i dont want the comeback if anything hasnt been done right!! especially as i'm taking out a big loan to do this :help:

Problem is i am going away on holiday tonight so need to try to get this sorted out ASAP. I realise today may be too short notice to see someone but if anyone does know of someone that would be great! or of anyone who i could contact to see as soon as i am back. I'll be taking the computer away with me as i really have to get all this sorted out

Many thanks in advance!!!!!!

You might be better contacting citizens advice and TBH you really don't seem to have thought this through because you should have gone into all the legal ins and outs before you bought and then to go on holiday is showing little commitment. Seems as though you jumped in feet first

you don't get legal aid for this sort of thing and i doubt you will find advice today

you either don't go on holiday today and try and see someone on monday or just wait until you get back

Are they just dissolving the limited company as no longer required?

I think you are perhaps confusing this with liquidation of the company - two different things altogether.

Dissolving company (or referred to as striking off) is when you no longer need it.

Liquidation is usually when a winding up order is in place, thus a liquidator is appointed to deal with winding up the company.

A bit of a risk to buy a business with no legal advice whatsoever. What else might you not be understanding, have overlooked, under-estimated, etc?

Sandra,

Absolutely agree.

To the OP, there is very little difference, regarding paperwork between a Limited company and partnership. I am suspicious you are/have been taken for a ride. If the company is being liquidated, then the assets belong to the company. The liquidator could still sell them to you (so don't panic!) but you need to speak to them asap (and forget the holiday!)

You might be better contacting citizens advice and TBH you really don't seem to have thought this through because you should have gone into all the legal ins and outs before you bought and then to go on holiday is showing little commitment. Seems as though you jumped in feet first

I am not sure this is a matter the CAB could help with, they are more for "personal" problems such as debt, consumer rights etc rather than for "commercial" advice. And you won't get legal aid.

It is well worth paying for professional advice as the risk of problems later if you try to do things on the cheap is not insignificant.

I reckon the ltd co has simply been dissolved and the OP is confusing it with liquidation. If they know an application has just gone in to dissolve it, then that's what it is, a dissolution of the company. Nothing to worry about. Curious to know how the OP is communicating with the seller, how they were informed of the appliction to disolve, etc.

I reckon the ltd co has simply been dissolved and the OP is confusing it with liquidation. If they know an application has just gone in to dissolve it, then that's what it is, a dissolution of the company. Nothing to worry about. Curious to know how the OP is communicating with the seller, how they were informed of the appliction to disolve, etc.

when a company is dissolved then its assets fall to the crown, anyone dissolving a company should dispose of the assets before they submit the dissolution form to companies house.

I agree. OP needs private, tailor-made, paid-for advice from a solicitor specialising in company law [so, not me].
Anonymised website advice (even from a wonderful source such as SF) is no substitute for that.

Jeff, you could just about apply that to most of the threads in this part of the forum!

And just to add, you'd be surprised that even some lawyers won't spend money on a professional website. There is always someone gonna do some part of business on the cheap to save a few quid.

I will just point out my holiday was booked and paid for a long time ago! the opportunity only came up relatively recently to buy the business and yes the timing is a bit terrible but cant really be helped.

I have been dealing directly with the seller, all the assets now belong to the partnership and im buying those. The company is being dissolved not liquidated, not getting these confused just that the forms i downloaded from companies house had something on it saying any assets go to the crown and i check this with companies house, so want to make sure everything has been done properly. I set up a monitoring thing for new documents on companies house site and that is how i have seen the documents.

i respect legal aid may not be available, but can anyone at least recommend a solicitor? To be honest i'd be extremely reluctant to ask CAB as they seem to know very little.

I will just point out my holiday was booked and paid for a long time ago! the opportunity only came up relatively recently to buy the business and yes the timing is a bit terrible but cant really be helped.

I have been dealing directly with the seller, all the assets now belong to the partnership and im buying those. The company is being dissolved not liquidated, not getting these confused just that the forms i downloaded from companies house had something on it saying any assets go to the crown and i check this with companies house, so want to make sure everything has been done properly. I set up a monitoring thing for new documents on companies house site and that is how i have seen the documents.

i respect legal aid may not be available, but can anyone at least recommend a solicitor? To be honest i'd be extremely reluctant to ask CAB as they seem to know very little.

if all the companies assets, or at least the ones that you want, have been transferred to the partnership then you probably don't have anything to worry about.

i can't recommend a solicitor but i would have thought any who dealt with corporate law would be adequate.

I think you need to speak to a solicitor and make your own mind up if they are suitable for the job. When I started my company I wanted some customer contracts drawing up but wanted to engage a solicitor to ensure I didn't make any mistakes. I spoke to a few and visited one but they said they would have to learn/read up on the subject and wouldn't give me a set fee. They said they would charge me £175/hour but no idea how long they would take. I used a London based business solicitor who gave me a set fee. Their fee was more than double that I had been quoted locally but they agreed on a set fee of £600+VAT. The work was done quickly via email and phone and I was happy they knew what they were doing. PM me if you want their contact details.

As you are buying the business (the assets and goodwill) then as long as you are buying from the rightful owner and if that is the partnership then it would not matter what happened to the limited company.

Two points of caution though, firstly don't rush or be pushed in to anything until you are ready. If you are been pushed to part with your money before you are ready then that should ring alarm bells.

Secondly, few people choose to change their business structure from a limited company to a partnership mainly because of the tax benefits usually outweigh the additional expense of running one and also because the security that limited liability brings.

yes if you are purchasing some business property then its better for you take this property from the real legal owner so you wont feel the problem in future.

well yes, I know this as was said in the first post :S


It's all done and dusted anyway months ago. all went fine, CAB knew nothing as expected but did put me in touch with Atteys solicitors in town who were really helpful - would fully recommend them.

Thanks to everyone who offered advice before.

Maybe a mod can lock this now?

You do need to speak to someone who knows what they are doing. -
IF it is just to cut admin costs then I should say the business isn't wort buying anyway.
IF you are looking for legal aid then you may not have access to the liquidity you will need ibn starting a business.
Are you buying the business or the company? If you are not becoming the owner of the company then its future is not your problem. I f you have bought the share capital of the company then you probably need guidance before you go any further anyway.
Have you considered using a new company?
...and that's just for starters. You might be better off speaking to an accountant before a solicitor.