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Thread: Selling my 100% in a CC

  1. #21
    Diamond Member AndyD's Avatar
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    Quote Originally Posted by daveob View Post
    ....or getting well and truly Hidley'd.
    Higleyed or Higley'd, past tense of higley,

    Pronounciation; hig-leed

    Synonyms

    * robbed
    * conned

    Verb

    Infinitive
    to higley


    Third person singular
    higleys


    Simple past
    higleyed


    Past participle
    higleyed


    Present participle
    higlying

    Definitions

    1. (transitive, slang) To trick or defraud, usually for personal gain.(often over the internet but not necessarily).

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  3. #22
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    I don't have the time to go to the suppliers and fill in forms ... I'm busy with honours. However, I will ensure I get a copy of every new application that they fill in and send to the suppliers signing surety ... in any case ... I think I only have credit with about 6 suppliers and the bank ... for the rest of them, they need to pay COD or fill in a new app for credit.

    I spoke to a lawyer already though, and she said the contract covers me. In terms of my assets ... I do not own anything besides a computer and a playstation and a bed :P ... the car is my mom's and I still live at home, everything else belongs to by mom's boyfriend who isn't related to me.

    To be honest, not sure why everyone gave me credit in the first place, especially the bank ... I never signed over any security ... except a life insurance thing.

    I heed and thank you for your warnings ... I'm pretty sure I've got it covered ... but I will fax each accounting department a letter of resignation as a shareholder in a CC, and perhaps a request for a letter to be released as surer to be faxed back to me.

    I will make sure I get copies of all new contracts signed by the new owner.

    Regards

    Itai
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  4. #23
    Email problem daveob's Avatar
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    Quote Originally Posted by AndyD View Post
    Higleyed or Higley'd, past tense of higley,

    Pronounciation; hig-leed

    Synonyms

    * robbed
    * conned
    Good going Andy. I see we've moved from the denial stage where we all wished for a positive and 'happily ever after' ending, to complete acceptance. Forum Therapy working again !!
    Watching the ships passing by.

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    Dave A (19-Feb-10)

  6. #24
    Diamond Member AndyD's Avatar
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  7. #25
    Diamond Member wynn's Avatar
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    I am not sure of the tax implication advantages when you sell under the conditions you describe?
    I would rather reccommend that you get the buyer to register his own vehicle and sell it to him.
    The reason I say this is you have probably forgotten what and where (Banks most likely) you have signed surety, there is no more sobering jolt than finding out five years later that the sherrif is looking for you for debt incurred by the buyer of your cc.

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  8. #26
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    Quote Originally Posted by wynn View Post
    I am not sure of the tax implication advantages when you sell under the conditions you describe?
    I would rather reccommend that you get the buyer to register his own vehicle and sell it to him.
    The reason I say this is you have probably forgotten what and where (Banks most likely) you have signed surety, there is no more sobering jolt than finding out five years later that the sherrif is looking for you for debt incurred by the buyer of your cc.

    It will complicate things to get him to register his own CC ... a lot! Firstly, he can't use the same businessname cause the CC is registered in the name. Secondly, on the online shop world, age is trust ... if he registers a new company, he will lost a lot of trust.
    Thirdly, there will be a lot of issues revolving around all the merchant accounts I have to receive money, not to mention the hosting, etc, etc.

    In any case, I have not forgotten where I have signed surety ... I have only signed surety with the suppliers, the 1 bank account (I only have 1 bank account) and I think Vodacom for the contract. No where else.

    And in terms of the suppliers, most of them are of a COD basis ... the ones with credit I will make sure they fill in new contracts ... in any case, its part of the suppliers T & C that if a shareholding change takes place with a CC, new forms must be filled in.
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    Dave A (19-Feb-10)

  10. #27
    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by wynn View Post
    I am not sure of the tax implication advantages when you sell under the conditions you describe?
    One of the interesting parts of this deal is the assessed tax loss is actually an asset of the cc which might have affected the sales price. Knowing that the first x of your profits will be tax free is certainly a sweetener.

  11. #28
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    Hi. I have another question relating the sale ...

    When submitting the CK2 Form, what is the best way to do this, and the way that will yiel the quickest CK2 receipt from Cipro? I have the ability to submit online, but is this best? The reason I ask is when I sell the company, I need to remove myself as a signatory at the bank and make the new owner a signatory, and the bank says they need a CK2 ... which I hear can take up to 6 weeks. So now what do we do ... how is the new owner expected to conduct business with continuity if he cannot access the banking initially when he takes over ... or is there an exception you know of the the bank didn't tell me that will allow us to change over?
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  12. #29
    Site Caretaker Dave A's Avatar
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    You could always go into the CIPRO offices (I'm sure they're in Pretoria) and get it done on the turn, seeing as you're in JHB.

  13. #30
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    Quote Originally Posted by Dave A View Post
    You could always go into the CIPRO offices (I'm sure they're in Pretoria) and get it done on the turn, seeing as you're in JHB.
    Is that possible? Won't they just tell me come back in x days?
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