bankruptcy register

[ellie 553]

I have been reading up on bankruptcy, and found the bankruptcy register. I am still in shock because the previous owner of my current struggling business is on there with a BRO.
He is trading as a restaurant in the same small town as us and is one of our competitors. We were advised by our bank before taking on the business that it was very profitable as they had managed the account for the previous owner. Our business manager actually said 'What are you going to do with all the money you are going to make?'
Is it there any legal comeback on the previous owner or the bank for obviously misleading us ?
Also - how can someone open a new place after they have been made bankrupt with restrictions - seems a bit mad to me...

[MelanieGiles]

I am afraid that when you acquire assets such as a trading business, it is largely "caveat emptor" - or buyer beware. This means that it is down to the purchaser to check out the facts and figures of any acquisition before completion - although if the purchaser has given you duff information you may have a claim for misrepresentation. Expensive to follow up - especially if you do not win your case - and give your current financial situation I would have though it impractical to pursue.

You will probably find that this chap is trading under someone else's guise whilst he is subject to the BRO, but if you are unduly concerned as an honest citizen you could take this up with his Trustee in bankruptcy.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

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http://www.melaniegiles.com/ivaEnquiry.asp

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[ellie 553]

Thanks Melanie - you are right about not being in a position to pursue it ! I think I am more upset about the business manager at Lloyds Tsb than the vendor, as they must have known something was amiss. I don't think I am going to need to take it up with the trustee as I have heard today he is in trouble already!