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  1. #1
    Join Date
    Mar 2010
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    1

    Default Selling Company Assets

    My question involves business law in the state of: THE UK.

    I'm a director in acompany that sells furniture etc. We've been in financial trouble for some time, even to the point of considering going into administration, and are barely solvent. We have some debts to creditors who've supplied us and have not yet been paid, in addition to having an increased overdraft with the bank.
    Now the wife of our managing director wants to buy one of our showrooms for her own enterprises, and I'm not sure if there are any legal requirements that we as a company would need to meet, possibly regarding the money we owe to our creditors, before she bought the showroom.

    Any help would be very gratefully received.

  2. #2
    Join Date
    Sep 2005
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    Behind a Desk
    Posts
    98,846

    Default Re: Selling Company Assets

    In the U.S., any such transaction would have to be conducted at "arm's length" - that is, on terms equivalent to those that would be offered to somebody who was not an insider.

    I can't speak to U.K. law, and as this is a U.S. forum I doubt that you're going to get a U.K.-focused answer here.

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