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T O P I C R E V I E W
graham.60
Posted - 19 August 2010 : 22:54:12 i am a limited company which faces bankrupcy by the inland revenue over debts roughly £60k. what is my position regarding my property, future trading and the debt, is it written off?
2 L A T E S T R E P L I E S (Newest First)
Melanie.n
Posted - 20 August 2010 : 17:30:58 Can you confirm that you are a director of a limited company? If so and the debt is a company debt - the company may bo in volunatry or compulsory liquidation but not bankruptcy (bankruptcy is for individuals/sole traders) If your company faces liquidation you will only be liable for any company debt for which you have given a 'personal gyuarantee' you will not be liable for company debts per se.
If however you are facing personal bankruptcy you will not be able to 'act' as a company director nor be involved in the management of the company for the period of the bankruptcy (12 months)
Don't worry the company v bankruptcy is a common misconception.
Melanie Nicholas 29 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles email me at melanienicholas@jonesgiles.co.uk telephone 01792 899996
Richard P
Posted - 19 August 2010 : 23:03:33 Hi Graham
welcome to the forum
this can get quite complex, especially if you have personally guaranteed any of the loans.
the company is treated as an individual but will need to be struck off at the correct time.
yes you can trade through bankruptcy.
I would speak to one of the experts to the left, they will provide options as to your actions
HMRC are one of the creditors who will make you bankrupt so it is best to get proactive and start planning the whole process. sometimes it is even better to make your self BR rather than waiting for HMRC.
