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T O P I C R E V I E W
chelle
Posted - 22 May 2008 : 10:07:50 Hi, can you please help. I have my own company, it was orig sole trader but is now limited. There is approx 30k owed from the sole trader account and 20k from the limited account, I am trying to get as much money coming through the company to pay the debts. Do you think this is a good idea, and do you have any advice?
2 L A T E S T R E P L I E S (Newest First)
JulianDonnelly
Posted - 22 May 2008 : 10:48:28 Hi Chelle,
Could you give a bit more information?
1. By sole trader account and LTD company account are you referring to Bank accounts?
2. What does your company do and what assets do you have both personally and in the business?
3. Do you or the business have any other debts?
If you can improve trade to pay your debts then this is a good idea so long as it is not to the detriment of trade creditors.
Posted - 22 May 2008 : 10:42:03 Hi chelle and welcome to the forum
Are you actually managing the debts - ie paying all of the instalments as they fall due? If so there is nothing wrong in doing what you are doing, but you must not prejudice the limited company creditors by paying personal creditors first.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com
