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Monday, September 26, 2022
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MAN TOOK BUSINESS LOAN BUT COMPANY NOT DOING WELL, END UP SUED FOR BANKRUPTCY

I’m being sued for bankruptcy and company winding up petition. What can I do to avoid being a bankrupt and winding up of the company?

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As per title. Serious discussion only. I’m being sued by a bank for bankruptcy as well as to wind up my company, which I am the sole director of.

Prior to Covid, my company had taken on a business loan for expansion purposes. Being the sole director I was the only guarantor.

Covid impacted the business with sales slumping to very low levels, and even so I kept the company running through all sorts of cost cutting means including taking no salary and utilizing all company plus personal savings, to maintain the business.

All was ok until 4 months ago when everything depleted and I missed repayments to the bank.

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I am now being sued for bankruptcy and am being served a petition to wind up the company.

I have started back on full time work since 3 months ago, most of my salary goes to my living expenses.

With the full time salary, I also earn enough to pay for the bank repayments if need be. This is last resort to avoid being declared a bankrupt.

The company sales are starting to pick up again and we are able to pay all overheads and expenses. We can start repaying this bank again using company funds if I can get the bank to agree to loan restructure.

I have tried to restructure the loan with the bank previously but was turned down because we didn’t have money to make some payments first to get the deal done. Now we have.

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My bankruptcy and company winding up hearing is in 3 weeks time.

How do I make an appeal to avoid both? Especially since I am back to full time employment now and do not want bankruptcy to affect my status.

I also still want to maintain ownership of my company because I have spent 4 years building it up, fought through two years of very bad business landscape, and now the business is starting to pick up again.

Serious advise only please. If you’re a lawyer or a firm that can help me in this case, please message me directly.

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