bankrupt
- Thread starter findtim
- Start date
goldnugget
Top Contributor
x2
It also depends I think on whether you mean the client declared personal bankruptcy or if his ltd company went bankrupt and which identity owns/is registrar of the domains.
Do they owe you money for your services? If so, put in a claim against them maybe.
findtim
Top Contributor
he wasn't a company, sole trader so its all on his head, he actually rang me before he went belly up and asked me if he owed me anything so he could pay me !
actually i was asking so i could protect him but it seems based on other info i have he can't trade in the same business sector for 5 years or so.
thanks for the info, i talked to him today, he has handed the problem to his sister so i'll talk to her now
tim
Snooks
Top Contributor
Theres a few niches that he couldnt work in...certain financial ones, security, but on most occasions you can appeal and get an exemption because it tends to intrude on "restraint of trade" and ones right to earn an income. There is and can be legal ways around the income situation.
You could possibly hope the domain names are overlooked by the administrator and if they arent kickass domain names, they may well be. Failing that, get a few offers and have him or a family member offer.....at least he can buy it back at the best cost, if he can afford it, if it is not a substantial value.
Investigate if somehow it can be classified as a "Tool of his trade", a longshot....but who knows.
It is very difficult out here to get exact information on bankruptcy and what the exact position is with assets.
goldnugget
Top Contributor
If they are decent domains you could always make a low ball offer to the administrator (as someone that has invested a bit of time in them) and see what they say....with a bit of luck they may not be so 'up to date' on the ins and outs of trading au domains.
findtim
Top Contributor
not my style, the domains are perfect for me but i wouldn't do that, i 've since told the admins whats "up to date" so they are fully informed and they will come back to me, if they decide to let them drop then i will make an offer, but only after they decide to let them drop.
my reputation is worth more then 2 domain names.
tim
goldnugget
Top Contributor
Just to clear the air, I didnt mean to make the low offer in a way to take advantage of the clients misfortune.
There is nothing saying that you couldnt aquire it from the administrators and then 'caretake it' until/if the opportunity arose where your client could take control of it again if that was a viable option....you said that you were looking out for ways to cover his interest in them.
If they are income producing then the arguement could be there for the income aspect, but generally they deal with assets and liquidation so it is a bit of an unknown.
The bankruptcy process will depend on whether the client self imposed his bankruptcy or if it was brought on by creditors...if its the latter then there should be a period of evaluation to see what areas of his business could become profitable over x period of time (what ever formula they use) as well as negotiations with creditors and if it doesnt fit in with what ever guideline they propose, then they will actually bankrupt and seize all assets for liquidation.
There is nothing saying that you couldnt aquire it from the administrators and then 'caretake it' until/if the opportunity arose where your client could take control of it again if that was a viable option....you said that you were looking out for ways to cover his interest in them.
If they are income producing then the arguement could be there for the income aspect, but generally they deal with assets and liquidation so it is a bit of an unknown.
The bankruptcy process will depend on whether the client self imposed his bankruptcy or if it was brought on by creditors...if its the latter then there should be a period of evaluation to see what areas of his business could become profitable over x period of time (what ever formula they use) as well as negotiations with creditors and if it doesnt fit in with what ever guideline they propose, then they will actually bankrupt and seize all assets for liquidation.
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