Hi Everyone,
I'd like to ask help or advice with the matter that I am currently facing, so, any answers will definitely mean a lot to me as I have been really confused and seeking for a confirmation.
So, my friend and I have a commercial lease with one of the shopping malls and at this stage, the business does not turn well and we are facing with the truth of paying rent late for 1 month.
It's been an unfortunate event to start with, because we spent all the money building up and paying rent and not using it for up to 6 months because of a dodgy and tricky builder we got where he kept delaying and increasing "variations" of costs that's eating our budget.
If we are planning to close the business, in case we cannot find any buyer or sublease, is it going to be OK for us? Is there any chance they'll chase our personal assets under commercial law?
In our agreement, we did not sign any personal guarantee, PG section also NIL and its under company Ltd name.
My solicitor told me it's safe but I just want to be certain because I am afraid if there's something he missed out and maybe anyone has some experience with this?
Thanks so much!
I'd like to ask help or advice with the matter that I am currently facing, so, any answers will definitely mean a lot to me as I have been really confused and seeking for a confirmation.
So, my friend and I have a commercial lease with one of the shopping malls and at this stage, the business does not turn well and we are facing with the truth of paying rent late for 1 month.
It's been an unfortunate event to start with, because we spent all the money building up and paying rent and not using it for up to 6 months because of a dodgy and tricky builder we got where he kept delaying and increasing "variations" of costs that's eating our budget.
If we are planning to close the business, in case we cannot find any buyer or sublease, is it going to be OK for us? Is there any chance they'll chase our personal assets under commercial law?
In our agreement, we did not sign any personal guarantee, PG section also NIL and its under company Ltd name.
My solicitor told me it's safe but I just want to be certain because I am afraid if there's something he missed out and maybe anyone has some experience with this?
Thanks so much!