We are going BR in the next week or so and I wondered what the OR will do with paperwork from our business.
We have not posted accounts for our last financial year as we can't afford the accoutant fees - Companies house and our one and only creditor are OK to see us struck off.
We have no company assets and the reason we are going BR is due to the company just not performing and us running up debts by injecting cash to try and keep us and the company going in the hopes that things would improve.
Will the OR be digging deep into the business accounts or do they listen to the case and take it in context?
Cheers
Tim
What doesn't kill you makes you stronger (I hope ;-)
Your Company is a seperate legal entity to your bankruptcy and as such the OR will not be looking into the company only your 'personal affairs' If you have given persoanl guarantees over any company borrowings however, these will need to be included in your creditors.
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles 01446 711780
Thanks for this - sometimes its difficult to percieve the business and us as separate entities - especially when its the business that has got us to this point as individuals.
I do understand that it is us as individuals that are going BR - the business has just ceased trading - however I can't get my head around what happens to the business - is that it - we just get struck off and thats that - no inquest/ enquiry/ follow up etc?
Cheers
Tim
What doesn't kill you makes you stronger (I hope ;-)
It all depends on the business and its financial siutation if not trading and no assets or debts it can go dormant after you have failed your accounts OR it may need to go down the voluntary liquidation route to formally close the company and sort and assets or debts
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles 01446 711780
BR & a dissolved business
Posted - 05 February 2009 : 09:41:59
