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

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

    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.

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    Politics.ie Member seabhcan's Avatar
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    Quote Originally Posted by 44percent View Post
    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.

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    Politics.ie Member Mushroom's Avatar
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    Quote Originally Posted by 44percent View Post
    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?

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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.

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    Quote Originally Posted by 44percent View Post
    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!

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    Politics.ie Member dunno's Avatar
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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.

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    Quote Originally Posted by Ribeye View Post

    "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.

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    Quote Originally Posted by 44percent View Post
    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

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    Politics.ie Member Boy M5's Avatar
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    Quote Originally Posted by seabhcan View Post
    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.
    "Keep firing & don't stop until I tell you" General Tom Barry

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    Quote Originally Posted by Ribeye View Post

    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.

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