close business and bankruptcy

[karim12345]

Hello my frinds,
I wnat to share my setuation with u all . And if any one have any advise please let me know .

I have the tire 1 visa entrepreneur, I started my business after after i cam to the uk about 8 months because i was looking for good place for my business , the business was franchise for one of the famous franchises in uk , and they have standerd for the location , the space etc.

So i found good place they recommend it and agree for it and we started fitting the place and i payed lot of money may more than the £200k my self
And i looked for some one to share with him the business. After we opend we found that the contractors increas the fitting budget very high, and the franchise taking lot of money as service .

This summary about what happend .

The problem now that i m struggling now to pay more money to run the business as i payed all money i have over than £200k, and i fact the business still didn’t reach the break even, there is no profit yet , and i have to pay ,untile my extention . But I don’t have enough money to do thise and the franchise will not give me any support regarding the money, I don’t want to loose my money and the visa.
so if any one have any advice pleae let me know ,

[marcnath]

Please continue in your own thread. I have now merged all the topics

[marcnath]

Hello my frinds,
I wnat to share my setuation with u all . And if any one have any advise please let me know .

I have the tire 1 visa entrepreneur, I started my business after after i cam to the uk about 8 months because i was looking for good place for my business , the business was franchise for one of the famous franchises in uk , and they have standerd for the location , the space etc.

So i found good place they recommend it and agree for it and we started fitting the place and i payed lot of money may more than the £200k my self
And i looked for some one to share with him the business. After we opend we found that the contractors increas the fitting budget very high, and the franchise taking lot of money as service .

This summary about what happend .

The problem now that i m struggling now to pay more money to run the business as i payed all money i have over than £200k, and i fact the business still didn’t reach the break even, there is no profit yet , and i have to pay ,untile my extention . But I don’t have enough money to do thise and the franchise will not give me any support regarding the money, I don’t want to loose my money and the visa.
so if any one have any advice pleae let me know ,

Unfortunately, you seem to be looking for business advice and this is not the forum for that.
If you can state what are the options you are considering, it will be possible to look at the impact, if any, of those on your visa extension.

[karim12345]

Hi All ,
Now i spent the 200k as a full amount as the visa require and obviously i have spent more than this but what happened is i m now losing my business and there is no profit and all the study was done including the location,business plane,demographic for the area ,equipment , contractors,etc. and honestly they asked for lot of money for this , the situation now is nothing from what the business plane numbers r real and i think im gone a loss the business & my money as well im very desperate now and really dont know what to do to save my visa
my question is

1- this business dosent bring any profit and i dont have more money to put on to keep it running so if sell it or close it , still be able to apply for my extension ?
2- if i close it and i make bankrupt still be able to apply for my extension ?

if any one have any advice pleas let me know .
thanks.

[CR001]

Topics Merged (click)

[karim12345]

sorry it might happend by mistack

[karim12345]

Hi All ,
Now i spent the 200k as a full amount as the visa require and obviously i have spent more than this but what happened is i m now losing my business and there is no profit and all the study was done including the location,business plane,demographic for the area ,equipment , contractors,etc. and honestly they asked for lot of money for this , the situation now is nothing from what the business plane numbers r real and i think im gone a loss the business & my money as well im very desperate now and really dont know what to do to save my visa
my question is

1- this business dosent bring any profit and i dont have more money to put on to keep it running so if sell it or close it , still be able to apply for my extension ?
2- if i close it and i make bankrupt still be able to apply for my extension ?

if any one have any advice pleas let me know .
thanks.

[teddybear79]

1- this business doesn't bring any profit and I don't have more money to put on to keep it running so if sell it or close it, still be able to apply for my extension?

When is your extension due?

Regarding selling, you would be selling the business or assets?


2- if I close it and I make bankrupt still be able to apply for my extension?

You should be actively trasding existing business or new business at the time of an extension

[karim12345]

my extension after 2 years
i will sell the whole business
i can open new company after that but i will not be able to put another 200k
but what will happen with the bankruptcy and how it will effect the visa?

[marcnath]

my extension after 2 years
i will sell the whole business
i can open new company after that but i will not be able to put another 200k
but what will happen with the bankruptcy and how it will effect the visa?

You do not need to invest 200K again.

But before you sell/close down the business, make sure you have all the required evidence documents (accounts, business bank statements, etc.)
The bankruptcy should not affect your visa.

[Frontier Mole]

If you sell the business on be aware the Home Office will still want access to all the business records, accounts and bank statements to be able to verify your investment and investment expenditure. By the sounds of things you have exceeded the £200k by a considerable margin.

As advised you are required to be trading your business at the point you apply for your extension. Although the new business will not require a further £200k - based on the previous investment already made - you will have to demonstrate that the business is genuine and trading.

The barrier you will face if you become bankrupt is that it will impact on your ability to operate a bank account, obtain credit and a whole raft of other interventions. One intervention is that you are unable to be a director of a limited company, so that will be a major barrier to your visa extension.

Do what ever you can to avoid bankruptcy as the consequences to you personally are pretty dire.

I am surprised that you mention bankruptcy as I would have thought you would be protected from action against you personally as you will have operated through your limited company?

As an aside - surely you will recover a sizeable chunk of funds when you sell on the franchise? If you are somehow personally in debt I would hope that would resolve your debts?