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Can I buy the Business Back?
One common concern for anyone in an owner managed business is if I place my business into Liquidation or Administration, can I buy it back?
The answer is thankfully YES, you can buy the business back. The price you pay will depend on what assets there are, what you want to buy back, and whether your business enters liquidation or administration, but just remember you have the opportunity to buy it back meaning you can carry on in business.
Some owner managers ask why do I have to buy the business back? There are two answers to this question – firstly, you will have to buy it back if you want to avoid it being sold to a third party or completely broken up; secondly, it may be essential if you want to reuse the same business name at some point in the next 5 years as the Insolvency Act does not allow this (although there are a few exceptions).
Get in touch with us if you want more information or have any questions about buying the business back.
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BCR offer insolvency services throughout Staffordshire, Shropshire, Cheshire and Lancashire with insolvency practitioners helping individuals and companies in Stoke on Trent, Shrewsbury, Telford, Bolton, Preston, Blackburn, Stockport and Manchester.