Firm closing

[Cueey Lewis And The News]

14 minutes ago, TheTeapot said:

Thanks for pointing this out! Otherwise I might have been walking round thinking that this was the lawyer chap.

https://www.manxradio.com/news/isle-of-man-news/trial-for-douglas-man-accused-of-indecent-assault/

I remain unconvinced that the press reporting on people being charged with a crime is a good idea. Can lead to all sorts of assumptions.

It doesn’t help that he’s almost the same age as the other one too. 

[Roger Mexico]

1 hour ago, CrazyDave said:

It’s a strange forum this.

Why would a group of people make guesses about and even joke about why someone’s business has failed.  Openly speculating about something that will be a very low point in someone’s life, and for all we know might be out of their hands.

Its pretty unpleasant really.

That's rather pious of you.  We're human beings and interested in what other human beings are doing.  And when a business fails people are interested in why, because there may be lessons to be learned from what happened, either about how other businesses could avoid the same situation or about what the failure means for the wider economy etc.

[woolley]

2 hours ago, John Wright said:

In a company liquidation If there are rent arrears they are a preference. If the liquidator surrenders the lease as onerous ( no income, no ability to pay ) then that’s it.

Unless, of course, a member or director of the company has been silly enough to sign a personal guarantee which is routinely demanded when entering into a commercial lease. I was caught out once when I was young and green. Not a pleasant experience, for sure. Never again. From that time on, I would only sign such documents on behalf of my companies. If the company goes bust, I don't need the premises, and I'm sure as hell not guaranteeing your income for years into the future when I'm taking the risk on the business. Always managed to negotiate it away.

[CrazyDave]

38 minutes ago, Roger Mexico said:

That's rather pious of you.  We're human beings and interested in what other human beings are doing.  And when a business fails people are interested in why, because there may be lessons to be learned from what happened, either about how other businesses could avoid the same situation or about what the failure means for the wider economy etc.

That’s fine if you have facts.

The people posting here have no facts and no access to information other than what was reported in the “news”

That makes it sad and idle gossip, nothing more.

[John Wright]

20 minutes ago, woolley said:

Unless, of course, a member or director of the company has been silly enough to sign a personal guarantee which is routinely demanded when entering into a commercial lease. I was caught out once when I was young and green. Not a pleasant experience, for sure. Never again. From that time on, I would only sign such documents on behalf of my companies. If the company goes bust, I don't need the premises, and I'm sure as hell not guaranteeing your income for years into the future when I'm taking the risk on the business. Always managed to negotiate it away.

Fully agree. I was addressing what could be proved in the liquidation, answering the original post. Yes, never, ever, sign personal guarantees.

If there is a guarantee it may reduce the shortfall in the liquidation, if the guarantor is worth powder & shot.

[woolley]

4 minutes ago, John Wright said:

Fully agree. I was addressing what could be proved in the liquidation, answering the original post. Yes, never, ever, sign personal guarantees.

If there is a guarantee it may reduce the shortfall in the liquidation, if the guarantor is worth powder & shot.

I thought it worth mentioning here on the off chance that someone has pen poised ready to sign such an abomination. Don't do it!!!

[fredtosser]

See its all change at the Colby Glen, Kurries and Steaks taking it on. Good for the South.

[CrazyDave]

2 minutes ago, fredtosser said:

See its all change at the Colby Glen, Kurries and Steaks taking it on. Good for the South.

Good news, but also a shame as the food in there for the South African people running it was superb a few weeks ago.

[The Phantom]

20 minutes ago, CrazyDave said:

That’s fine if you have facts.

The people posting here have no facts and no access to information other than what was reported in the “news”

That makes it sad and idle gossip, nothing more.

Well, we've got 374 pages of discussions regarding Firms closing, so you shouldn't really engage if you find it so abhorrent.

My post was intended to show that maybe there hasn't been any mismanagement.  From the Architect's I know that went bust a few years ago and on face of it seems relatively similar, they were trading absolutely fine but had a couple of big debtors who didn't pay at exactly the same time they had a couple of big creditors due, plus some tax liability cropped up  in a perfect storm.  Boom, almost over night (well the space of a week or so) their liabilities became more than their assets. 

[Banker]

7 minutes ago, CrazyDave said:

Good news, but also a shame as the food in there for the South African people running it was superb a few weeks ago.

They’re going to George in Castletown 

[The Phantom]

1 minute ago, Banker said:

They’re going to George in Castletown 

No, it's on the Garden Route 😉

https://en.wikipedia.org/wiki/George,_South_Africa

Edited September 26, 2023 by The Phantom

[Manxman1234]

10 minutes ago, fredtosser said:

See its all change at the Colby Glen, Kurries and Steaks taking it on. Good for the South.

Finally the brewery have realised they are only good at eh, well what are they good at other than high pricing. 
I can imagine this will be a success as food is excellent at KS. Just need a little work on front of house. 

[John Wright]

12 minutes ago, Manxman1234 said:

Finally the brewery have realised they are only good at eh, well what are they good at other than high pricing. 
I can imagine this will be a success as food is excellent at KS. Just need a little work on front of house. 

Over the 50 years I’ve been drinking in Isle of Man pubs the pendulum has swung from tenants to managers to tenants to managers and now back to tenants..

Why the changes? Fashion, economics, cash flow considerations, different business models.

[woolley]

1 hour ago, The Phantom said:

Well, we've got 374 pages of discussions regarding Firms closing, so you shouldn't really engage if you find it so abhorrent.

My post was intended to show that maybe there hasn't been any mismanagement.  From the Architect's I know that went bust a few years ago and on face of it seems relatively similar, they were trading absolutely fine but had a couple of big debtors who didn't pay at exactly the same time they had a couple of big creditors due, plus some tax liability cropped up  in a perfect storm.  Boom, almost over night (well the space of a week or so) their liabilities became more than their assets. 

It can happen so easily and out of nowhere. Maybe a key client goes bust and this can have a domino effect you never expected. It soon hits cash flow and becomes very stressful. Can you keep the lights on for another month? Take no pay yourself so you can keep paying the staff who are depending on you for that bit longer, and hope that something will turn up to save the ship from going under. Try to put on a brave face to staff and customers like nothing is wrong. Oh yes. Great fun. Until you've been there, you cannot possibly imagine. The shock can make you very risk averse in the future.

[Gladys]

12 minutes ago, woolley said:

It can happen so easily and out of nowhere. Maybe a key client goes bust and this can have a domino effect you never expected. It soon hits cash flow and becomes very stressful. Can you keep the lights on for another month? Take no pay yourself so you can keep paying the staff who are depending on you for that bit longer, and hope that something will turn up to save the ship from going under. Try to put on a brave face to staff and customers like nothing is wrong. Oh yes. Great fun. Until you've been there, you cannot possibly imagine. The shock can make you very risk averse in the future.

Not to mention the possibility of trading whilst insolvent.