Hi all
friend of mine is looking to buy a ltd co with o lic for about 8 no trailers req in manc area
any pointers welcome
many thanks
whats he buying ?
Just a Ltd Co with an O Licence for 8 wagons ? thats it ?
yeah thats what he’s after
as hes fallen out with partner who holds o lic
but needs to carry on trading
jc69817:
yeah thats what he’s after
as hes fallen out with partner who holds o lic
but needs to carry on trading
there shudnt be any cost - hes buying no assets, has the company been valued ?
His he not a Director of the Company ?
It doesnt cost much to setup a Ltd Co and to apply for an O’Licence, he will have to show enough funds to cover the 8 vehicles either way. Th actual application cost is not that great.
Cant he apply for his own o’licence ?
routier:
jc69817:
yeah thats what he’s after
as hes fallen out with partner who holds o lic
but needs to carry on tradingthere shudnt be any cost - hes buying no assets, has the company been valued ?
His he not a Director of the Company ?
It doesnt cost much to setup a Ltd Co and to apply for an O’Licence, he will have to show enough funds to cover the 8 vehicles either way. Th actual application cost is not that great.
Cant he apply for his own o’licence ?
no he cant hold an o lic (been bad in the past)
new app takes about 6 weeks and hes in a bit of a rush as he does not want to let down clients (hes turned over a new leaf)
jc69817:
routier:
Cant he apply for his own o’licence ?no he cant hold an o lic (been bad in the past)
Then surely as soon as he puts his name on the one he buys it’ll get revoked anyway? If your lack of repute means you can’t legitimately apply for a new licence then you’re not going to be allowed to hold a bought one either.
From what I can tell the ministry take a very dim view of the trade in shell companies with o-licences. Whilst it’s just about legal I think anyone getting a licence this way will find the ministry will spend a lot of time looking at their operation very closely to make sure it’s 100% above board.
The better way of doing it is to apply for a new licence (and ask for an interim one to be issued) and sub the work out until the interim licence arrives.
Paul
Ask Katharine Oliver
he has a TM lined up ready to be listed so as far as i know that will be ok for him
“O” licences are not transferable ltd company or not. I think you will find the TC will find out who he is
Transport Manager or not.
Big Bear:
“O” licences are not transferable ltd company or not. I think you will find the TC will find out who he is
Transport Manager or not.
if ye a LTD the O’Licence belongs to the LTD not the individual, directorship of the LTD can change WITHOUT affecting the O Licence providing the LTD has sufficient funds to maintain that licence and there is a TM of that LTD in place and the Director is credit worthy and of good repute .
I will say this though If hes been bad in the past then he will quickly be found out…
the guy just wants to run on someone elses license as long as its legal which it is, theres no problem. when you say apply for one himself do you know how long this takes his customers arent going to stop trading until he gets his o license.
and it cost a fortune he wants eight trucks every truck you have to have so much money in the bank to show you can keep them road worthy i think its about £3500 per truck.
anyway i think there is a company that does this stuff there in the back of commercial motor mag. i think there from weston super mare
john
Costs from VOSA:
Financial standing
Every applicant for an ‘O’ licence must be able to prove that they have a minimum amount of readily available funds to ensure that they can always maintain their fleet in a safe and legal condition. The requirement for a standard licence is to be able to prove incontrovertibly that £6,200 is readily available for the first vehicle and a further £3,400 is available for every additional vehicle. No amount of money is required for trailers. Make sure you get this right, the funds must be readily available and they must normally be held in the specific name of the applicant, whether that be a sole trader, a partnership or a Limited company. The Traffic Commissioner is very particular about this, make sure that your finances are in order before you put the application in.
In all he must show £30,000 in ready money to apply for a licence, perhaps he would be better off buying premium bonds 
How does it work if you just want to operate trailers ? I take it you still need an O licence ?
No O licence needed for trailers alone, the only way you can operate trailers without running tractors is to sub the work out, the subbie(s) would obviously need an O licence. Not a practical way of working methinks, however …
brados:
No O licence needed for trailers alone, the only way you can operate trailers without running tractors is to sub the work out, the subbie(s) would obviously need an O licence. Not a practical way of working methinks, however …
I would have thought you needed an O licence if you are just Trailer only Company as you are still Hire and Reward ? makes it a lot easier though…
explains how the likes of Hayton Coulthard and the likes have managed to keep goin… after losin their licence
jc69817 , has ye mate not thought of doin that to maintain his contract ? others do, lot less aggro than runnin trucks!