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| migmash |
Posted - 07 July 2009 : 12:42:42
Limited Company Help required! Hello again, me and my wife have a limited company which has a £20,000 a/draft. We borrowed on our equity in our home some time ago and reduced it from £40,000, but the Bank will no longer do any finance/funding to the property renovation trade, (ie: our company)in which case we will never be able to clear the o/draft, and so me and my wife have decided to both go bankrupt, due to me having a personal loan of £14,000 and our credit card debts of £60,000. We have been going through other peopls posts on this site for the past two weeks, just to get prepared for BR probably next week?! I have this morning downloaded a 600a form, and a 652a form, and wondered if anyone could assist us. We are fully paid up to date on all cards/loan/o/draft, but we can not keep paying them from each other anymore ie: Peter to pay Paul :-( We just want to end the Limited co, and don't know if we should tell our bank Manager first?! or just stop paying the £296 p/month interest on the o/draft, or tell the Bank nothing in case they can jump in and give us a bigger NIGHTMARE than we already seem to have? ? ! The company has not traded for about two years, and Companies House have that on record. We have no assets whatsoever, and we did sign a personal guarantee to the Bank, but hopefully next week when we go BR the Guarantee to the bank will be worthless?? It would seem that the forms I have now downloaded require more money to wind down our company, which isn't trading anyway! Thanks in anticipation!!!! |
| 1 L A T E S T R E P L I E S (Newest First) |
| Reviva UK |
Posted - 07 July 2009 : 15:06:59
Hi migmash
sounds like you are rushing things a little by going Br next week without sorting out the Ltd company first.
it is far to easy to get confused and believe that you need to do everything on the same day.
1. Sort the Ltd company out first ( 652a form is right but you need to write to creditors to advise them that you want to stike the company off unless they would like to wind it up for you). There is a statutory time lag to wait to do this.
2. look at your position with income / expenditure, assets & liabilities and understand how the process will effect you. i.e.:-
house
car
job,
Income payment agreement
bank account
standing orders / benefits etc
documentation etc etc
get a plan, slow down the process and be in control of every aspect.
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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