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How can a retail outlet be wound up and then reopen?


44percent

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I'm hoping the knowledgable members of p.ie can sort this out for me. Near me is a large independent retail outlet. Over the Summer it closed down and was reportedly wound up by application from Revenue. A few weeks ago it reopened. Same name, same goods its selling. I'm curious as to how this is possible.
 


seabhcan

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I'm hoping the knowledgable members of p.ie can sort this out for me. Near me is a large independent retail outlet. Over the Summer it closed down and was reportedly wound up by application from Revenue. A few weeks ago it reopened. Same name, same goods its selling. I'm curious as to how this is possible.
Most likely under a new operating company.

"Winding up" is about the company that runs the shop, not the physical shop itself. During 'winding up' the first company may have sold the shop, brand and stock to another company.
 

Mushroom

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I'm hoping the knowledgable members of p.ie can sort this out for me. Near me is a large independent retail outlet. Over the Summer it closed down and was reportedly wound up by application from Revenue. A few weeks ago it reopened. Same name, same goods its selling. I'm curious as to how this is possible.
Could it be in examinership?
 

carruthers

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Wait until all the developers come back from their enforced vacations Stateside with the vast millions that Nama allowed them to squirrel away and start buying on the cheap again. Winding up in those terms can mean a salary in excess of 200k. Some kip we live in.
 

Ribeye

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I'm hoping the knowledgable members of p.ie can sort this out for me. Near me is a large independent retail outlet. Over the Summer it closed down and was reportedly wound up by application from Revenue. A few weeks ago it reopened. Same name, same goods its selling. I'm curious as to how this is possible.
"it" didn't reopen, a "new" company started,

Liquidation process, and what you have witnessed with that shop is exactly what should have happened with the banks!
 

dunno

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It just sounds a process to continue the same form of business without the weight of debts, a fresh start. Sometimes, there can be shady aspect to it, but usually not.
 

44percent

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"it" didn't reopen, a "new" company started,

Liquidation process, and what you have witnessed with that shop is exactly what should have happened with the banks!
A google search tells me the original company is in liquidation. I presume the creditors have to watch the new company start up when they could be at a loss, including the Revenue.
 

Ribeye

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A google search tells me the original company is in liquidation. I presume the creditors have to watch the new company start up when they could be at a loss, including the Revenue.
That's called one of the risks of doing business,

If ye don't wanna take that risk, don't extend credit,

Revenue can go fck themselves, scum:)
 

Boy M5

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Most likely under a new operating company.

"Winding up" is about the company that runs the shop, not the physical shop itself. During 'winding up' the first company may have sold the shop, brand and stock to another company.
Spot on, 30 years ago Goldhawk was highlighting "Phoenix" companies.
 

44percent

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That's called one of the risks of doing business,

If ye don't wanna take that risk, don't extend credit,

Revenue can go fck themselves, scum:)
I think the revenue might be taking a very close interest in the new company. System seems to favour debt dodging for everyone except J. Soap.
 

Ribeye

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I think the revenue might be taking a very close interest in the new company. System seems to favour debt dodging for everyone except J. Soap.
It's not debt dodging, it's called the liquidation process, and it's critical,

If you lived in a real country, Mr Soap would be able to go through liquidation too, but you don't, you live in a corrupt sh1thole!
 

TODevastated

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there could be many explanations for the situation you describe
(i) an examiner is running the business,
(ii) a receiver is running the business to sell it as a going concern,
(iii) the original owner has reopened it having got additinal funding,
(iv) the business is being run by a sole trader and not by a company at all,
(v) a liquidator is ruuning the business with a view to closing it down, or
(vi) the original owner has purchased it from the examiner, receiver or liquidator and is now running the business

legislation was brought in to deal with "phoenix" type companies
 

Howya

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It's not debt dodging, it's called the liquidation process, and it's critical,

If you lived in a real country, Mr Soap would be able to go through liquidation too, but you don't, you live in a corrupt sh1thole!
Mr. Soap can go through liquidation, it's called bankruptcy. (Granted currently a 12 year process rather than a few days/weeks for companies. That will improve when the Personal Insolvency Bill is passed, but the glaring difference to company situations is appalling).
 

beolight

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Oscarwildefan
I'm hoping the knowledgable members of p.ie can sort this out for me. Near me is a large independent retail outlet. Over the Summer it closed down and was reportedly wound up by application from Revenue. A few weeks ago it reopened. Same name, same goods its selling. I'm curious as to how this is possible.
Have you been in a Superquinn shop lately? Looks exactly the same as it was before liquidation

Same thing happened with Clery's.

William Fry - Publication - Pre-Pack Sales in Ireland

The big boys can afford to pay accountants and solicitors to arrange exit strategy(screw over the little guys )in the pursuit of corporate profits, I dont remember any regulators expressing an interest in investigating these

In this situation Revenue more than likely moved to put the company in liquidation, the owner may or may not scrambled the salvage what he could from the business, as he is quite entitled to still be able to earn a living.
 

Gurdiev

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Ks it possible for a sole trader t,o offload a debt laden business in the same way a company can ?
 

statsman

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It's not debt dodging, it's called the liquidation process, and it's critical,

If you lived in a real country, Mr Soap would be able to go through liquidation too, but you don't, you live in a corrupt sh1thole!
Time to ask the music teacher to teach you a new song.
 

meriwether

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Dec 1, 2004
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Ks it possible for a sole trader t,o offload a debt laden business in the same way a company can ?
Yes, though I presume (I'm not sure) there is personal recourse for these debts to him, unlike in a limited liability entity.
 

borntorum

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Yes, though I presume (I'm not sure) there is personal recourse for these debts to him, unlike in a limited liability entity.
A sole trader isn't a company, so he is liable for his debts personally.

In Ireland there is no provision for companies with only one director. They exist in other European countries, such as France. There was some talk that the Companies Act would be amended to allow sole trader companies.
 

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