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Mr.E.Guest
Junior Member
United Kingdom
121 Posts |
 Posted - 12 January 2009 : 13:44:57
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Hi All,
We got the forms for BR today which we are about to start filling in - we are looking at early March to go BR on a personal level.
However - we also have a limited business - we have virtually stopped trading and we only have one creditor which is the bank (20K) this is securred on the house but alas thats gone for VR with no equity.
We have not posted our accounts for 2008 as we can't afford the accountants fees - we also have approx 7K owed to the tax man (our accountant estimates).
We have been advised by our accountant to go to a liquidation expert but guess what they want 5K to process the closure - which we don't have!!
A couple of questions how do you wind the company up and what happens to unpaid tax if we have gone BR.
Cheers
Tim |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 12 January 2009 : 13:47:05
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Mr E Guest
This is one question that i cant help with but i know some guys who can. 
Give the helpline a call on 0800 078 9367 and explain this to them and one of the very helpful staff there will be able to go through it with you.
If they cant speak straight away leave a name and a contact number and someone will get back to you.
Sorry that i cant help, i hate it when i cant.
LOL
Jo
x
Needafriend says:
Just always remember one thing, Your not alone, your not the first and you wont be the last.
23 Weeks down
29 to go
For more info on how i have come through bankruptcy and for links to help with filling out the forms, I&E, Car Valuations, etc, etc, you can read my blog here called:~ Needafriend's Info on Bankruptcy :-)
http://debtfreejo.blogs.bankruptcyhelp.org.uk/
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barrel
Starting Member
7 Posts |
Posted - 12 January 2009 : 17:00:11
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| Not sure if I am right, but when I went the bank informed company house and they struck the company off. Perhaps I was lucky. |
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Mia
Starting Member
United Kingdom
11 Posts |
Posted - 12 January 2009 : 17:25:56
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Hi Mr E Guest,
We too are in the process of winding up a small limited company with debt. I can only advise that you speak to someone sooner rather than later.
It was more complicated than I thought, and I was going about it completly the wrong way. Then I found this forum, I have spoken with Paul Johns at Reviva. (one of the experts on this forum). I learned so much in just my first conversation with him. (free).
It's just important at this stage that you do not do anything wrong (for what you might think are the right reasons). Good luck. You are in the right place to get great advice.
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 12 January 2009 : 22:33:49
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Hi
I think £5000 is a little expensive unless the situation warrants an awful lot of work.
Provided that the business has actually stopped trading then you can follow a certain procedure that takes a little time and effort but is not £5k.
What sort of business do you run and are you looking to continue in any form after bankruptcy?
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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Mr.E.Guest
Junior Member
United Kingdom
121 Posts |
Posted - 13 January 2009 : 11:51:06
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Hi Paul,
Thanks for the feedback (same to everyone else who has chipped in).
We have a small business (Limited) that designed and manufactured gifts - we had them made in china and shipped into UK and we sold them to retail stores - we also started to represent companies from Europe on an agent / commission basis.
We have done nothing to wind the company up as yet - we are 20K OD with our bank and business has died in the current climate.
We wish to continue as agents taking a commission but with a different company name and trading as a Sole Trader.
We have not had our 2008 returns done for Companies House as we can't afford to...
I think it probably is a little complicated but we don't have funds to get proffessional company in to wind us up.
What can we do - FYI we will also be going BR on a personal level in the next month - house as gone for VR and we nor the company has any assets.
HELP 
Tim
What doesn't kill you makes you stronger (I hope ;-) |
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Mr.E.Guest
Junior Member
United Kingdom
121 Posts |
Posted - 13 January 2009 : 14:31:22
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Additionally to the last post - since October we have had very little income and have survived off our credit cards - in the hopes that we could pull a few deals off or that things would pick up - I also used my personal overdraft (5K) to loan to our company - which in the end we used as salary again to keep us going.
We had a deal for early 2009 which could have paid most of our debts off but in the current climate the retailer is now dithering.
I'm hoping that in light of using and overdraft and using cards there is nothing fraudulant or a case for BRO/BRU - afterall - we did not know the retail climate was going to go t!ts up on us so we were spending / borrowing in good faith...
Do you think the OR will see it like this - knowing the cr@p luck we are having I can see me doing porridge 
Cheers
Tim
What doesn't kill you makes you stronger (I hope ;-) |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 13 January 2009 : 15:45:19
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Hi
in terms of assets the OR will consider the stock - if you have any - as an asset and will require this.
To wind up the company it needs to have ceased trading for 3 months then you can write to the creditors advising them that you have no assets and that unless they wind up the company ( which costs money) you intesd to strike it off.
Just make sure that your presonal debts from the Ltd company are sorted BEFORE you petition individually as you don't really want fresh debts afterwards
Paul Johns
Assisted Bankruptcy Specialists
Reviva UK
Real People ..... Real Debt Solutions
www.revivauk.com |
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Business Bankruptcy
