In early 2021 our client approached the Future Strategy team for advice as her café was in financial crisis and needed to be closed. The café had been established in 2014 in a small local town in a remote part of the UK and had built up a regular clientele over the years. Sadly, our client’s cafe had suffered substantial losses as a result of lockdowns during the pandemic and was unable to recover.
Our client could not raise the funds to settle any of her business debts. She was particularly concerned about two local creditors to whom the cafe owed money. She had built trusted business partnerships over the years with local businesses and felt that her reputation in the local community had been jepodised.
The challenge
Legal proceedings had been issued to the company at the beginning of 2021 and the total liabilities exceeded £55,000. There were a total of 15 creditors, including HMRC , landlords, trade suppliers, banks, in addition to debt recovery agencies.
Future Strategy had the challenge of achieving a successful dissolution of the company with all associated debts and creditors to deal with in a legally correct way.
How we helped
Our client advisors offered empathy and sound advice. We understood how difficult this situation was for our client and offered both moral support and practical advice. We advised that dissolution was the most appropriate and affordable option.
Due to the complexity of the situation our case management team worked at pace to liaise with multiple creditors and authorities to ensure accuracy in composing the statement of affairs. Once this had been completed, the application to strike off the company was submitted.
The outcome
Despite several objections being submitted to Companies House, the company was officially dissolved on 4th January 2022 and all company debts were written off with it.
Our client was extremely relieved that such a stressful situation had been resolved. She left a 5 star Trustpilot review.