Black Comb
Queen Bee
- Joined
- Aug 10, 2009
- Messages
- 2,737
- Reaction score
- 1
- Location
- Cumbria
- Hive Type
- Other
- Number of Hives
- 10+
plc's are big animals and this does not apply here.
private limited companies have to have at least one director and a secretary - might be his wife or mother.
The fact that a cheque bounces does not mean he is bust. You could re-present and if there are enough funds there on that day the bank may pay out.
Until someone applies for a winding up order (and can prove the debt in court/ commissioner for oaths) then technically the company can continue but usually the banks pull the plug first as they look after their own interests before all others.
All of this takes weeks, so this is probably a slow motion car crash.
private limited companies have to have at least one director and a secretary - might be his wife or mother.
The fact that a cheque bounces does not mean he is bust. You could re-present and if there are enough funds there on that day the bank may pay out.
Until someone applies for a winding up order (and can prove the debt in court/ commissioner for oaths) then technically the company can continue but usually the banks pull the plug first as they look after their own interests before all others.
All of this takes weeks, so this is probably a slow motion car crash.