This is quite a story !!

Back in July 2007 I was working for a small heating business. The owner at that time also had a large profitable business and I had been led to believe that he purposefully made it look like the smaller business hadnt made a profit – for tax reasons I believe.

Now this chap had become a friend after working for him for a few years and he asked i I would like to take the business on so that he could follow other avenues. He showed my figures and made be believe that the company was profitable (I was young and naive) so I took on a £25000 loan.

To cut a long story short he said to me that I did not need to pay him until the company made a profit and to keep the £25,000 as working capital. The trouble is the overheads were so high that it never made a profit. I tried moving premises to work from home and also made the office girl (his daughter) redundant but copped for paying her redundancy (3/4 yrs worth) even though I’d only ran the company for around 8 months. Also to give you an idea she was on £16,500 for part time hours (one of the many overheads !)

Any way after just over a year the business had swallowed my £25,000 and I’d spent my savings (circa £7,000) on wages for myself, so I shut it down and sold the assets (4 vehicles, computor, small amount of stock)

I’m still paying the original loan as I refused to go bankrupt (like an idiot !) and still have 5 years left.

I recieved communication last year from the bloke in question saying that the time to pay had arrived and that I owed him £20,000. I emailed him about the trouble I’d had, the verbal agreement about paying him when the company made a profit and the fact that we had no written contract. He never replied.

He has now contacted me again, apologising for the 14 month delay in coming back to me and stated that I owe him £18,000 unless I want to settle the debt privately, in which case it would be £16,000.

The thought of taking another huge loan scares the crap out of me ! I’m now 29 and only just getting myself straight. I have no mortgage and a car on HP.

Do you think I’d have a case if this went to court ? I’m going to see the Citizens advice bureau as soon as I can as I dont know where to turn or what to do next ?

It has crossed my mind that he’s waited this long so that some of the records are now no longer ‘available’ although I dont know the ins and outs. How long can he chase me for ? I fear that I could be taken for theft as I sold the assets (although the vehicles were transferred to me) ?

I guess I may just have to take the loan ?

Any advice appreciated as always

Technorati Tags: assets, avenues, bloke, chap, crap, office girl, overheads, part time, premises, profitable business, redundancy, stock, time hours, verbal agreement, wages, working capital

http://www.businessinsider.com/new-york-times-stock-now-costs-less-than-sunday-paper-2009-2

It is now cheaper to buy a share of New York Times stock than it is to buy a Sunday edition of the New York Times. How much longer has America’s leading socialist newspaper got to live?

Technorati Tags: new york times, stock, sunday paper

If I am holding a company’s stock and the company was file bankruptcy few years ago, can I claim the deduction in my tax return? what do I need to do in order to claim the deduction?

Technorati Tags: bankruptcy, stock, tax return

my cats have mange. we took them to a vet and they tested them. and our vet said we could use some stuff called nu-stock. it is cheaper and doesn’t have pesticides and bad chemicals. all it is is sulfur and pine oil. but does any 1 know how long it will take to work. our vet is a idiot but the only 1 we can afford with out going bankrupt so we don’t trust what he says. but we looked at the nu-stock home page and testimonials and they looked good. but nothing said how long it will take to cure the mange. please let me know. we love our little babies and want them better.

Technorati Tags: cats, chemicals, little babies, pesticides, pine oil, stock, sulfur, testimonials, vet

i want to the bank and he told me thease question please answer i in debt

Mia’s meeting with the bank manager was successful and he agreed to give her the £5000 loan.The next day she had a meeting with the business adviser.He told mia that she must record all her financial transactions and take measures to prevent fraud.Mia was a bit unsure what he meant by this.

Please explain what the business adviser meant.

Then he ask me

Mia has arranged one months credit from the wholesalers where she will buy her stock.Explain to mia the documents that will be used in the buying and selling process and the sequence in which they will be sent.

Then he asked me.

Describe the ways mia can record the financial transactions

Describe the actions mia can take in order to prevent,or minimise the level of fraud in her business.

Evaluate how financial recording systems can contibute to managing the business’s finances

what are the advantage and disadvantage of financial recor

Technorati Tags: advantage and disadvantage, business adviser, financial transactions, fraud, measures, recor, stock, thease, wholesalers

Im in the military, and despite everything you might of heard about having alot of $$, its not all true. Im just looking for a way to make some extra cash, it doesnt haft to be much, but more than i invest would be a great start! I recently heard a story today that before this guy left for a deployment, he invested ,000 in an unknown stock, (the person who told me didnt know where he put it in) but in 2 weeks he came out on top with ,000!!!! Now thats insane to me, if that was possible thatd be amazing but im guessing thatd be as lucky as winning the lottery right?? hah, well im looking for any tips or anything that i should watch out for or scams or anything you guys have to offer me it would help, and is it like i hear some friends say when there like "o invest in like walmart theyll never go bankrupt!" or "invest in potato chips, those are always good!" and how much money should i start to put in? just to start? or go all out like my friend and put 00 in?

Technorati Tags: alot, deployment, extra cash, how much money, potato chips, scams, stock, walmart, winning the lottery

I’m thinking worthless small caps, Enron, etc. that end up being worth nothing. It seems that normally you would get a percentage based on how much it fell, thus doubling your money, correct? And still: can you buy to cover a stock that is worth nothing and likely de-listed? I know it’s a rather unlikely scenario, but it’s also rather interesting. Thanks!

Technorati Tags: enron, money, small caps, stock

First I’d like to know something about Chapter 11 bankruptcy. How does it work? some people say it’s a debt reconstruction, it doesn’t actually mean the company goes bankrupt. But why it’s called "bankruptcy protection", how does it relates to bankruptcy?

Second, why the price of a company’s stock will go up after chapter 11 bankruptcy? Do you think right now is a good time to invest in GM and Six Flags inc? Thank you!!

Technorati Tags: bankruptcy protection, chapter 11 bankruptcy, gm, good time, reconstruction, six flags inc, stock

bought stock and the company went bankrupt after 1 year and i would like to add it to my 1040 for 2005 tax year what can i do. the broker didn’t send me any thing i know exactly how much i lost. any advice will be apperciated

Technorati Tags: stock, tax year

I bought some shares or GM awhile back and stop paying attention to the market when I started school.

As of now GM has gone bankrupt and they keep sending me a letter but in all honesty I am not sure what i am suppose to do.

It says all transferred and trades must be approved or something,

But any how what do I do,

Better yet what am I allowed to do with bankrupted stock?
I don’t have a broker,

Will it be the same if I do it myself?

Technorati Tags: gm, honesty, paying attention, stock, trades

Other than selling it right now, if the company files for 13 does the stock become worthless or is that only if it files for Chapter 7?

Technorati Tags: chapter 7, company files, stock

Since the stock cannot be bought (to cover the short), is there a way to realize the gains?
I am not satisfied with either answer. I mean, they contradict each other. How do i know which one is real? Please comment!

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How many copies in stock do they make for just one series? How could they be confident that those products are gonna sell. If they don’t make profit, how could they go on telling customers what they will release into the next five to six months?

Technorati Tags: six months, stock

Should I invest in CIT?

They just made a successful tender offer to the bondholders to prevent going into bankruptcy. Will they go bankrupt anyway?

If not, I’m willing to buy the stock and hold it as long as possible.

Technorati Tags: bankruptcy, bondholders, stock, tender offer

Won’t the stock you own today go down to zero if GM goes bankrupt?

Technorati Tags: gm, stock

Just like pricewatch burst many years ago. Cant someone buy a stock when it hits rock bottom and wait for it to go back up? Or does bankruptcy mean this company is done for good? Im lost because I thought that chapter 11 was just clearing out there debts. Donald Trump has done this atleast 3 times already.

Technorati Tags: bankruptcy, chapter 11, debts, donald trump, rock bottom, stock

Now lot of good company is going to bankrupt like Washington mutual bank already bankupted and price per stock is very low (usd0.062), at this point is there any cahnce to go up….if so by what kind of reason this kind of stock can go up again?

Technorati Tags: good company, stock, washington mutual, washington mutual bank

If GM go bankrupt what will happen to my stocks and my money that I invested in them?
If my stocks are worth nothing and another company buys GM, will my stock go up?

Technorati Tags: gm, money, stock, stocks

I owe about 22,500 in debt, and got a letter to settle for 15,700. It is extremely tempting but what are the negatives of having to file a 1099C if I continue to have good, regular income? I had extreme debt & bad luck paying it off, then got an awesome job and sold some stock so I am in the clear. Should I take that 7K discount or will it bite me bigger than that in the end? What I mean is will it bite me by either having that on my record, or paying more taxes? Thanks for the replies – I am trying to research online also.
Do 1099C’s go on your credit report as bad debt? I am so naive…! Or showing that you have a 1099c and settled is a plus? Should I get bakc in the game for the long haul and pay that extra 7K? (worth not tarnishing my credit further?)

Technorati Tags: 1099c, amp, bad debt, bad luck, credit report, game, job, long haul, stock