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verystressed
Starting Member
3 Posts |
 Posted - 18 October 2011 : 16:13:49
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Hi,
I have been sitting on the sideline for the last few weeks while my situation plays out and reading some of your very helpful posts.
I am hoping some of you can help. Here is my situation:
4 years ago I started a business selling goods. It started off well and good. Over that time markets changed, recession kicked in, I had my supplier throttling me, damaged stock, late stock and loss of clients due to some of the latter reasons. I thought I could trade through and eventually I saw no way out. I was between a rock and a hard place. In this time, the last two years I traded I was trading as technically insolvent, although I was still paying myself dividends of most months (thinking that I could trade through and pay this back). I tallied up a VAT bill of around £64,000.
I declared the company insolvent in Feb this year, hired a insolvency practitioner to help with the insolvency - paid him his dues and cleared all creditors except for the VAT man. He explained that the OR will definitely come after me for the illegal dividends to the value of around £70,000. He also mentioned that he should be able to get me to pay around £15,000-£20,000 to draw a line under this issue. This all seemed ok to me at the time. When the moment came for me to offer a settlement amount, I offered £10,000-12,000 over 8 months. He mentioned this would be turned down, so I offered £15,000 over 6 months at £2500 per month. It was mentioned this should be enough.
After having a good look at my assets (properties and other Items I own with my partner) with my current income, the £2500 seemed impossible to pay over 6 months and would be in a negative standing of -£350 per month (even before I start paying the £2500 per month!). I also went through ALL income and expenditure with an accountant, property valuations in a realistic market, equity, two Charge Orders on the property, loans etc. It looks like the OR if they had to make me bankrupt would not make a penny. It seems it would cost more to bankrupt me. Has anyone experienced this whereby you have no money as all were to be sold off? I will be sending this detailed report to my insolvency practitioner.
I don’t mind going bankrupt, as I have nothing to lose anymore and am tired of all of this.
What are my options? What are your thoughts?
Any help would be appreciated.
Very Stressed.
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Edited by - verystressed on 18 October 2011 16:21:03 |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 18 October 2011 : 16:54:53
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Hi very stressed
I wish that insolvency practionier would actually deal with the company and individual or deal with none of it.
sorry Ill get off soap box, if i could hijack your thread and say to anyone with a limited company facing financial challenges that potentially could lead to personal insolvency please make contact with one of the experts on this forum, it could save you a lot of headache in poor very stressed scenario about 8 months of Sh 1 t
The whole situation should have been dealt with in one go way back in february. then you could start rebulding you buiness and life.
with properties and other items i do suggest contacting one of the experts to the left (mel or vicki)
Good Luck Richard,
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verystressed
Starting Member
3 Posts |
Posted - 19 October 2011 : 17:24:36
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Hi Mel or Vicki,
If you could take a look at my above post. Any comments or help would be greatly appreciate :)
Very Stressed |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 19 October 2011 : 22:49:05
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Contact them via the expert link verystressed - I'm sure they will be able to help you.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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verystressed
Starting Member
3 Posts |
Posted - 20 October 2011 : 09:40:55
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Hi Kallis,
I shall do - do you mean the through the 'contact us' link on the left of the page? Thank you kindly for your help.
Very Stressed |
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Niobe
Administrator
United Kingdom
4590 Posts |
Posted - 20 October 2011 : 13:19:02
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No, it's the 'experts' link.
Follow through
Make your dreams come true
Don't give up the fight
You will be alright
'Cause there's no one like you in the universe
Jan
xxx |
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| bankruptcyhelp.org.uk Forum |
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I have no money for OR. Bankruptcy?
