We are in the process of winding up our business and also going BR.
Our company has to have ceased trading for 3 months to be "struck off" which should be around March/April - we will be applying for BR next month.
However - the company has a stock asset worth around £5000 - I could not sell it last year as no one wanted it but now I have a buyer (the guy who sold it to us) he is willing to take it for around £500 less than we paid.
Question is can I sell it - my company, which he would make the payment to has ceased trading - I can't accept the payment as its the company's property but if I declare the stock to the OR when we eventualy go BR the buyer will have moved on and the OR will realy struggle to dispose of the stock...
I can get a good price now - does anyone have any advise?
Cheers
Tim
What doesn't kill you makes you stronger (I hope ;-)
If you have a limited company with assets, it is usual to have to perform a full liquidation rather than a company dissolution which is what you are proposing. The accounts will be scruitinised by the OR so you will have to explain what happened to the asset. I would recommend speaking to a specialist in this area before taking any action.
Julian Donnelly Spokesperson for www.Bankruptcyhelp.org.uk Don't forget the helpline on 0800 078 9367
This is the ONLY asset we have - we have looked at liquidation specialists and we can't afford what has been quoted (£5000) to be honest we can't afford even £500.
So thats a catch 22? We cant do a simple "strike off" because we have an asset and we can't liquidate because we have no money...
What to do
What doesn't kill you makes you stronger (I hope ;-)
Company asset
Posted - 21 January 2009 : 11:09:07
