Red6 months ago

Don't think a liquidator will bother to bankrupt you if you have no assets to realise.  

Gary19965 months ago

Hi, My ltd company currently owes (approx.): £25,000 to the bank with a debenture and personal guarantee, £100,000 to creditors And £4,000 to HMRC We have no assets, but have about £30,000 in the bank. We’ve avoided paying anyone anything, informing them that we’re having cash-flow issues and that we can’t pay them as we’d be breaking the law if we did, but that we’re currently looking for further investment. The further investment has fallen through so it now looks like we’re going to have to wind up the company. Ideally, we’d like to be able to pay the bank (who as I understand it are a preferred creditor due to the debenture), put enough money aside to pay for filing for bankruptcy, then split the rest proportionally between the creditors (so each would get about 4p to every £1 owed – not great but better than nothing). One of my colleagues has seen an IP who's said that their fees are £8k, so that'd leave us with about £22k in the bank to cover the £25k loan meaning£3k would have to come out of our personal money. A couple of our creditors have threatened to take us to court so I’ve got a feeling they’ll object if we were to just try and winding up the company by applying to Companies House. Would anyone be able to give me some advice on how to approach this? A couple of final questions: I understand employees’ salaries gets treated as a preferred payment. Does this apply to director’s salaries as well, as they’re an employee? Also, the above company is a part-time venture for me as I also work for a financial institution for my ‘day job’. I've heard that if I was to go bankrupt personally I could lose my job (or at least not be able to get another job with a financial institution). Would you know if this is also the case if I’m a director of a company that goes bankrupt? Thanks in advance.  

MDG Ltd4 months ago

Hi I appreciate you have spoken to a few IP's and I do understand some of the advice has been confusing. Part of the problem is that, sometimes with HMRC they don't always follow the same line. You mention that the Company has limited funds but listed below are the 3 main options; 1) Follow the Spongebob plan as highlighted above. 2) It is possible given the size of the debt that HMRC may petition to put the Company into Compulsory Liquidation and then the matter will be dealt with by the Official Receiver, who are a government department. Clearly, the main point will be the DLA. 3) Instruct an IP and appoint a liquidator. I could put more information on each option but it seems you may already have this. The main point is the directors' loan account. Most IP's should look at the position from a commercial point of view. Therefore if you have no assets then there would be no commercial reason to make you bankrupt. They would look at whether or not a payment plan could be offered or a full and final settlement. At the end of the day, the IP has to balance his duty to get the best return for creditors with the commercial outcome. The second point you have mentioned is whether HMRC would come after you. It is possible that HMRC will look at the outcome of the liquidation to see what has been repaid and potentially tax the remaining balance as undeclared income. This goes back to my first paragraph, I have many cases where HMRC have done nothing, but equally, I have a few where they have taken action. Therefore when discussed these cases with directors you have mention that this a possibility even though the evidence suggests it happens rarely. I know this doesn't help but perhaps examples why you have received a few different views.  

Fireboy4 months ago

I started a new thread because I don't want to add to Millie Johnson's woes. In my experience in over 30 years I have averaged 2 or 3 bad debtors who have gone bankrupt under Ltd Liability protection. I can remember only one who was an upright and honest entreprenuer. All the rest were either crooks or cheats. In a few instances the Receiver has had ample evidence to bring a fraud case but the police have not been interested. The idea that insolvency is good for the economy is a joke.  

Mary4 months ago

I had lost my contract work and unemployed for nearly a year, all the funds I had was used up to survive and look after the family. Eventually the IP now claims that I have taken out money from my company and he is holding me liable for the money taken out of the company. I am not good at this and have not experience such a depressing moment in life and my brains has stopped thinking, I have no money to pay back the company and the current work I am doing is just sufficient to pay my mortgage and bill to keep a roof over my young family. Is bankruptcy is the only way? Do I have to give up the house we are in? we just recently bought this house which equity probably won’t be much as the property market is low at the moment due to major downturn in the sector. What are other options I have, can I negotiate to pay in instalments? I can only afford very little which probably take 10 -15 years to pay it up. The IP is quite brutal and he said he going all out to recover the DLA from me . Yes, I know I shouldn’t have used the LTD money, but didn’t had a choice, I tried my level best to secure a job but it took me nearly a year to get into an employment. I need some serious help pls…  

Fionas_Boy4 months ago

Dear All, I hope you can help as im at bit of a loss of what to do next. I was director of a Ltd company and went bankrupt this week as a result of an unsuccessful agreement between a business bank and myself as director with them withdrawing my overdraft. Business Debtline advised that I go bankrupt. done. Then send a copy of the order and form to resign as director to Companies House. I have done so as directed. They said that CH will then go to strike off the LTD company as there is no director and advertise so in the Gazette. Should I send a copy of the spongebob letter to my creditors or just wait it out. I ceased trading last week so at the moment they are unaware of my position. I keep checking to see if companies house has put anything on the gazette but nothing yet. Should i be sending a DS01 to CH too? Any advice on my situation would be much appreciated. Many thanks  

Gary19964 months ago

Short recap: an individual owed a five figure sum of money which he received through deception. We (the creditors) followed due process to try and recover the funds owed, which through the individuals constant game of promises to pay and brinksmanship meant we ended up making him bankrupt at court. Turned out after bankruptcy that he had disposed of all his assets, never intended to repay and was basically now penniless. However, a short while into his bankruptcy he inherited a reasonable amount that was not initially disclosed to the Official Reciever. Members of his family assisted him in receiving a low five figure portion of this inheritance in cash to the detriment of his creditors, which the official receiver later discovered. The remainder of the inheritance was paid into the bankruptcy estate. The OR has counted these other amounts as sums due to the bankruptcy estate and the family must repay, but seems that the family are the same cut as the debtor - they also inherited similar substantial sums of money but are pleading poverty and making small installments that will take many years to recoup the amounts. This obviously delays the possibility of making a distribution. Out of frustration, the majority creditor (an individual) issued a moneyclaim against a family member for the sum they assisted the debtor in defrauding the bankruptcy estate of. I suspect there may not be a legal basis for taking action like this - since the family owe the money to the OR as Trustee rather than any individual creditors, even though they have indirectly defrauded the creditors to the bankruptcy estate. Would there be any grounds on which an action like this might succeed? The creditor is only interested in trying to get the family to repay the funds to the bankruptcy estate rather than obtaining a direct judgement - can a Judge make an order like this, or is this not really how the system works? Any thoughts appreciated  

Fionas_Boy4 months ago

So lets say i was to be a managing director of a company set up in France so the uk rules apply about not been able to operate as a director To add I'm not going to be a director of any business as I would rather work for someone and not have all the stress. Im been told that the bankruptcy rules do apply in the UK buy NOT the EU and the only rule that does apply is that i have to keep the OR up to date with any money i receive  

FordOwner4 months ago

WHARTY said: ↑ Hi there. I was unfortunately made bankrupt last year and i am due for discharge in June this year. I want to set up a company (i was a sole trader last time) selling goods online. My question is.. Am i likely to get a merchant account? Getting a bank account i am sure will be difficult but if i did get an account would i pass the credit checks for a merchant account? Would it be possible to have a fellow director who has a clean credit file apply for the account or would my history have an adverse effect on his application? I was also thinking of having a director apply for the Bank and merchant accounts and then adding myself afterwards as a director, would this be frowned upon?? Thanks.Click to expand... Pls PM me, we might be able to help, but no promises.. Mark  

Red4 months ago

i have a friend who has a gambling problem. She contracts through a limited company but has never filed a tax return or paid any taxes. She has taken all the money from the company and gambled it away, plus run up thousands of pounds of debt and no assets. Although I think the cleAr thing for her to do would be to declare bankruptcy this would prevent her ever working again. She is addressing the gambling problem now but where does she stand with the tax avoidance? Should she just stop trading under that company name and start with a new one? What would the repercussions be?  

Bri19874 months ago

If a director has been bankrupt it is an issue, any time you ask for credit from a supplier and they do a credit check, it will come up, when opening a bank account and they ask 'have you ever been bankrupt', it affects the decision on whether they open the account, even more so for getting a credit card machine.  

MechExp4 months ago

Hi, I really hope anyone can help and thank you in advance. I own a small Ltd company who has been trading since 2004. We owe 3k on overdraft, 3k to Credit Card and 5k loan, all of which needed personal guarantees from me. We are now at the point where trade is next to nothing and there is no work in the future. I am so worried, I dont want to go bankrupt, I want to pay off what the company owes but have no money, but can probably pay monthly fee when I get a job. Will I lose my house? I dont know where to turn. Thank you  

Gary19964 months ago

Hi all Following the winding up of a ltd company last year, I set up a takeaway business as a sole trader last November. My premises are rented with no formal lease in place and the rent is paid on a weekly basis. I have no debts on the business as my stock is purchased on a cash basis week to week and ny utilities are paid monthly. I have struggled over a very difficult winter, but have found myself in a position that I can no longer service my personal debts above my mortage and standard utilities and living costs. I have a small humble house which I think may have a max of £10K equity due the the fall in property values (house purchased in 2007) but unsecured personal debts (credit cards, loans etc) of £70K. Can anyone advise if bankruptcy is the sensible course of action and if so, would I be prevented from carrying on trading, (the only assets my business has is freezer, fridge etc total value less than £1.5k), as the shop is my only income. I have been advised that in order for an IVA route I must prove an excess income of more than £200 per month which I cannot prove.  

Fionas_Boy4 months ago

Hi, I am currently looking to do a CVL and have been talking to a few IP's who have given me advice but I'm not sure if it is true and if I can trust them. Basically my company is up to date with all creditors at the moment but will soon become insolvent due to a drop in turnover and I will be unable to pay my VAT this week. All money coming in goes out and I am unable to purchase new stock so once current stock gets sold my situation will get worse and I don't want to trade whilst insolvent so need to get my head around this now. My issues are that I have creditors to the value of 35k and an overdrawn DLA of around 50k. I have no funds to pay the DLA back and the IP's that I have spoken with have said that there would be no point in them pursuing this as they would still get nothing back as I have no personal assets. Is this true? I want to start again and ideally avoid having to go personally bankrupt but don't know if this is possible. I really need to put an end to the worry and stress that I am under at the moment but don't know who to trust and what to do for the best so any advice from anyone with any experience of this would be greatly appreciated. Thanks  

MechExp4 months ago

Mikej - As I'm paying my corp tax bill, then no, I don't think most overdrawn directors loans accounts of insolvent companies and their directors should be zero. Rather, I was thinking the national average annual wage. You might be a nice bloke, and if you too had just lost your business, years of work, and your whole income, and didn't have a pot to p*ss in - I'd suggest that sole traders and Limited company directors should be allowed to be forgive on corp tax or personal income tax to a level. Why chase people who contribute hugely to society the majority of the time, and that have lost everything, into personal bankruptcy - it achieves nothing.  

Gary19964 months ago

Oaktree said: ↑ Don - The whole point of creating Limited company status was design to encourage risk taking and set up business to employ people and help grow the economy. So yes I'd argue that there should be some sharing of the risk when a company fails with HMRC on directors loans. After all a company director has lost years of their lives put into building up a business, their income, and has probably racked up huge personal debts to get started or to stay afloat. I'd say the very least Limited company status should be extended to cover is a directors loan account up to a certain amount of day the average U.K. Salary. You say directors say did it I'm not paying my tax, like it's a causal easy thing to do?! If they are in this position they almost certain don't have money whatsoever. They are broke. Then they have months if not years of sleepless nights worrying about HMRC making them personally bankrupt. Have any of you who post on the insolvency forum ever been through this..?Click to expand... I've been there, had to sell the family home (at a time with young kids) so I could pay the business debts and move on. I was a sole trader. So I certainly don't think it's a "casual easy thing to do", I know first hand though that I owed money, it was my risk, and I sacrificed to pay it. That was a good while ago and I bounced back (hope you do to, things are rarely as bleak as you think at time). I have never contemplated going Ltd since though, happy with taking responsibility for my decisions.  

Fireboy4 months ago

Hi NetCommUK, you beat me to this. Richard Copestake ran some webhosting scams in 2007/2008 for a couple of years. Easy google search. He then started 'selling' bogus mobile phones. i.e. Took money and never sent phones, which he went to prison for. He then set up a few more bogus companies, before settling on Cherry Designs and setting up in Swindon in 2015. He has fleeced uncountable suppliers and clients for the past 18 months. He basically offered cheap web design; branding etc. He would take money upfront and then subcontract the work to small local companies. He never delivered the work and then never paid the subcontractors, taking some for £20k. He folded the company numerous times and then used a slightly different re-iteration on the name with Companies House. He put all the money in his girlfriends account (Louise Griffiths), so the authorities would never get it back. He finally folded Cherry Designs and somehow bought 'Mouse Marketing' from Darryl Silk. He then run up instant debts of £100k in 2 months. He made up excuses to sack the existing staff and didn't pay any of them. Oh and he used the fake name of Richard Tucker to do so. As above, the police are investigating and he will be behind bars shortly. He just filled for bankruptcy in his real name to attempt to avoid any claims. All the while he is claiming benefits He is completely unskilled, apart from his lying. He is a simpleton, hence his appalling post  

Watergirl4 months ago

Dear UKBF Im the only director of a limited company with no debts to any creditors accept for the Hmrc, around £11000 in corporation tax due to a DLA. The Hmrc are not aware of this. I am financially bust because of over spending and cannot afford to pay this back to the company. I was not aware at the time until my accountant said about the DLA and that if I could not pay, I would need to get a IP but if it was seen that I spent the money I would be personally liable and would need to find a loan to pay the debt back or go bankrupt, I would not be able to meet a payment plan either as I have no funds. Im supposed to send my accounts in soon but I have not done anything with the accountant since he told me about the DLA (exchange codes to file online etc). I feel annoyed that my accountant did not make me aware of a DLA and explaining the consequences before taking dividends. I am worried due to the business address is at my mothers and do not want any bailiffs going there if I declare I'm bankrupt, I sort of understand that if it's not the company's they cannot take anything but I'm still not sure. There are no assets or money left in the company either. I would really appreciate your advice, I have read through a few posts and understand about the Spongebob letter and apply for striking off. Any advice would be much appreciated. Thank you Regards Bruce Wayne  

Col Minessota4 months ago

Trump may have won the presidency, but presidency over what ? Urban decay and poverty and destitution. America is rapidly heading towards total economic collapse. http://investmentwatchblog.com/if-you-have-10-dollars-and-no-debt-youre-richer-than-25-of-americans/ It has spent all it's money over the last 40 years, hell bent on developing the Military Complex State, and the endless drive to take over and destroy other countries. Then it steals other country's money, to continue the wars and the world hegemony regime. Ask Merkel what happened to all of Germany's gold that America was "looking after" for them. Wonder how much of our own gold America was "looking after" Where is it ? Meanwhile back home, America is destroying itself. It is not just Detroit anymore, it is most large US cities that are near the point of bankruptcy, especially in California. Most of the USA cities are turning into Detroit. There is no money left to rescue them. The riots and civil war will be next.  

Porker4 months ago

Hi There are two different issues here. 1 As Director of the Limited Company, which is insolvent, you need to take profesional advice and take action to mitigate the position. Whether that's to reach informal payment plans with the creditors, try to dissolve the Company or place the Company into a formal Insolvency procedure. When making this decision you have to ignore the conflict you have regarding the personal guarantees and do what is best for the Company and creditors, not yourself. What assets does the Company have? 2. Depending on what happens with 1) above then you need to take action as regards your own (presumed) insolvency position. Bankruptcy and repossession of the home might be able to be avoided but that depends on your circumstances. Again you should take professional advice to see whether a informal settlement/plan can be resolved or whether something more formal is required. Happy to chat if you need more advice but it's hard to advise across a formal based on limited information.  

Red4 months ago

Hi, My Ltd company has CT and VAT debt around £80K and DLA around £75K. HMRC want me to pay this in 6-12months which is not possible for me. I have contacted few liquidation companies and they have advised CVL. I am fine with that but I am concerned about Bankruptcy by liquidator. I don't have any assets which can be taken over. Some have said it is likely DLA will be written off and then you deal with HMRC directly regarding declaring written off loan in Self Assessment. Some have said that you get Bankruptcy as that is what will prove that you have nothing to pay. Some liquidators sound like very relaxed and some were extremely critical and said Bankruptcy is the best option for you and that is what they are likely to be pushing for. I won't be able to get any job if I get bankrupt so can't imagine things working out in any way for me if it goes this route.. This is end of life for me... Now, I feel that because I am vulnerable, liquidators are trying to take advantage of me and trying to take small money left in business and then making me sign agreement to be liable for any additional liquidator cost personally, which they cannot recover. Please anyone tell me how to deal with this situation. Should I wait for HMRC to ask court to appoint or shall I appoint one myself. Also what are the chances of me avoiding a bankruptcy. If Liquidator do not bakrupt me and write off DLA, I want to check that then I declare that loan on my next SA giving me 16 months (provided declared in Jan) to make arrangement to pay this off. I sthis correct or this DLA will be back dated which means it will become immediately due? Thanks a lot  

Bri19874 months ago

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Pete_W4 months ago

It actually depends on the French bank you'll address your request. Your British bankrupt won't be a problem in France itself. But, as Gavin said before, being new in that country could negatively affect your credit card application  

Watergirl4 months ago

I'm seriously losing the will to live. Why the hell is it so god dam hard to open a basic business account in a limited company's name when you don't want ****** credit facilities! I have had issues with a past business (6/7 years ago) which resulted in myself going bankrupt, it happens. But I've just started a new limited business and I have money coming in that I need to place in an account. Fast. Every bank I've gone to, the computer says no. Even Natwest, who specialises in such accounts said No today. Apparently my "credit check is fine" but it seems because I was banking with them when I went bankrupt 6/7 year ago I have some form of 'personal' black mark against my name, even tho I've been banking with them personally for the last 5/6 years and can see what I'm like. why oh why! This whole banking system is flawed and is really starting to p*ss me off. I shouldn't have to be fighting to open an account that wont put them in any risky position what so ever. I have better things to do with my time. Anyway, rant over and I feel a little bit better now. What I want to ask is, does anyone know of any other way I can open a business acount in my limited company's name? I have stumbled across cashplus for business and looks promising, but I thought I would put the question out there just in case someone knows of another router I could go down. Thanks for you time reading me rant and any help you can offer me  

Mary4 months ago

Hi all I'm new to the forum and was hoping to pick some brains. I was a franchisee and my contract has recently been terminated leaving me in a very sticky situation losing my home and having to file for bankruptcy. The contract was terminated due to not managing my business on a full time basis, which was due to a lack funds and not being able to afford the fuel required to travel. Bit of a no win situation really.... But my question is that from the very start of the franchise my payment cycle was supposed to be every 5 working days (as written clearly within the contract) but the payments were being every 2 to 3 weeks, and as you will all know cash flow is king, without these regular payment I was struggling to put fuel in the van and pay suppliers, fees were mounting up and it was really a downward spiral. As the contract was not upheld by the franchisor can they still use the contract to terminate my trading, do I stand anywhere legally to get my money back or even more?. Thanks in advance for any advice  

Pete_W4 months ago

I wonder if you could give me some advice. I've owned a LTD business since 1997 All went well until a few years ago I increased my overdraught to 25grand with Barclays given a personal guarantee. a year and a half ago I had a ill healthand kind of lost interest in the business as well as a decline in orders. Then last year one of our main orders moved loosing us over 60% in revenue. I was always robbing peter to pay paul.in August of 2013 I stopped the business. I owe 4.800 to the vat 22,000 to Barclays 10 thousand credit card debt and 13 thousand loan, A total of around £50.00. My husband runs his own business as a sole trader and has taken over the premises I had and a small amount of clients. I work part time for him now £150.00 a week. we own a house which we rent out we get £511.00 a month and the mortgage is £795.00 a month. We still owe 96 thousand on this and the value is properly worth 115-120 thousand. We pay130 pound rent a week on my property.My husband income has been very low until this 100 to 150 pound a week.Now with the new business this has increased to 300/400 pound a week. My husband doesn't want to get involved in any form filling and really hates big brother people wanting to know his business. All the returns have been done for the limited company hmrc have not contacted me yet Barclays debt recovery have contacted and need me to reply filling in loads of forms by the 14th January. I guess im just burying my head in the sand as I don't want any more stress with my health. We are both and worked hard all our life's so this is hard. Can you please give me some advice to make this go away. not sure about iva or bankruptcy .  

FordOwner4 months ago

Bankrupt

Hi all, Last year I liquidated my company and filed for personal bankruptcy. I'm due to be out of my bankruptcy on the 1st February. I'm looking at forming a new Ltd company with a business partner. Even though I'll be discharged from bankruptcy will the fact I've been a bankrupt effect our company? Would I be best not being listed as a director? If so what's the best way to structure it so I'm protected? Also how long would I need to leave it till I could be a director without it affecting the company? Thanks in advance.  

Red4 months ago

Hi there. I was unfortunately made bankrupt last year and i am due for discharge in June this year. I want to set up a company (i was a sole trader last time) selling goods online. My question is.. Am i likely to get a merchant account? Getting a bank account i am sure will be difficult but if i did get an account would i pass the credit checks for a merchant account? Would it be possible to have a fellow director who has a clean credit file apply for the account or would my history have an adverse effect on his application? I was also thinking of having a director apply for the Bank and merchant accounts and then adding myself afterwards as a director, would this be frowned upon?? Thanks.  

Corrie19994 months ago

I have been declared bankrupt a month ago and now been offered a job in France. Do i have to inform banks of my bankruptcy and will i be allowed to get a credit card as been told the rules dont extend to EU. Any help appreciated  

Matchmaker14 months ago

Dear Richard Copestake aka Richard Tucker aka Cherry Designs. Perhaps instead of going after your employees who you have treated appallingly, you should be honest with everyone here and tell them that in fact you're bankrupt so shouldn't be director of a Ltd company, been inprisoned for fraud, are currently being investigated by several police forces, Companies House, the Insolvency Service (for buying this company in a fake name to avoid your bankruptcy obligations) and more authorities. You have defrauded over £100k using this business and the reason this customer is not paying is because they've found out about you stealing work of other people. You've caused at least one business to close and by January you should be charged with multiple offences and in prison again. I for one will be there to watch. If anyone is interested, do not do business with Richard. Cherry Designs Ltd Cherry Designs Creative Ltd Mouse Marketing Ltd MM Europe Ltd and more. Avoid Richard copestake and Richard 'Tucker'  

Fireboy4 months ago

Okay, a bit more digging and this is the info I now have. Property purchased - July 1982 Property re-mortgaged - March 1989 CCJ for just under £10k - Nov 2009 Charging order for above CCJ - Feb 2010 Estimated property purchase price could be anything up to about £30k. Re-mortgage could have been up to about £40k CCJ is what it is, as is the charging order. Estimated current value is probably in the region of around £100k to £130k. Based on condition of property, I'd say closer to the £100k mark. So, initially, it looks like there is potentially £60k of equity even if the re-mortgage was on an interest only basis and the debt hasn't been reduced for the last 14 years. The problem is they may well have 'drawn down' more funding as it's a flexible mortgage. Sadly, without a credit check (which I'm not authorised/able to do), I can't be sure of outstanding mortgage and therefore the equity (if any). Although it is looking good. So, new plan is (assuming all goes uncontested and I win at each stage). Apply to court and win CCJ Apply for charging order (secure my debt) Then re-asses and consider statutory demand and then bankrupt them. As my debt will then be secured, if there are loads of hire purchase, credit/store cards etc, they will become secondary to the mortgage, the existing charging order and their latest one, courtesy of me. If I could find out the balance of the mortgage, I'd be able to cut out the CCJ & charging order route, but that said, doing that at least secured my debt in the sense that it becomes a priority over any other unsecured debts that may come to light if/when made bankrupt. How does that sound?  

MechExp4 months ago

Under the Brussels Regulation, a judgment given in a member state which is enforceable in that state is enforceable in the other member states. Of course, as a member of the European Union, France is required to observe and apply the respective EU regulations regarding the recognition and enforcement of judgments between EU member states. But article 39 applies to the enforcement of a judgment, not to a current account opening application and/or a credit card application. Of course, a French bank could easily check your credit history in UK. And a declaration of bankruptcy could be detrimental. So, putting all your cards on the table before your application is filed would be appropriate.  

MDG Ltd4 months ago

Hi WW Lots of questions and points to be considered here. Probably a bit much for a forum so feel free to ring me. Is your Solicitor a specialist insolvency lawyer? On the basis of what you have said in BKY the o.R/Trustee would likely disclaim any interest in the marital home on assumption no/nominal equity. They have three years to realise any interest so could sit back and wait and see whether the equity changes materially but I suspect that is unlikely. Worst case scenario you wife could make an offer to buy out the interest for an (assumed) nomial sum. The flat is different - the 3 year rule doesn't apply and the Trustee might try and attack the trust. Again however it seems like there is little equity and a third party could make an offer to buy out your Trustee. The Bank could appoint Receivers to collect the rent. However regardless of all of this the point is to do a deal with the Liquidators. The argument over the legality of the Statutory Demand is academic if ultimately they do have a claim against you and will move to get a Court Order instead. Personally I would make a settlement offer to them, however small, to put this behind you and avoid BKY and I would think that your solicitor would be recommending something along the same lines. I have had a similar case where I could either accept a small settlement from the Director or make them bankrupt/wait for them to make themselves BKPT and get absolutely nothing. Of course I did a deal.... You could also consider an IVA however I can't see from the information that you have anything to offer - you would therefore probably base it on income contributions of up to 5 years but I don't know what your position is on this. Better to try and avoid personal insolvency full stop if you can.  

MDG Ltd4 months ago

atmosbob said: ↑ You must be joking. Are there any positives? Inflation Poverty Less influence in the world A Democracy that seems to mean do what Saint Theresa says etc etc etcClick to expand... And then there is the EU Bankrupt Greece, Italy and Portugal Become non accountable for the money the UK gives them Higher growth than any other member Democracy by elected members voted by the public and not non elected cronies of 27 countries PM's (Commissioners)  

Col Minessota4 months ago

Im really hoping you can help. so my husband has left me & cleared our joint savings account. I have a company set up in my name as my husband was in a trust deed & we got a contract of work offered to us but we had to be ltd so i opened the business up & kept on top of the paperwork etc & employed my husband to carry out the work as such. I also work 3 days a week & we have a young son aged 3 so my husband took over the dealing of our company as i was struggling to manage with looking after our son etc. my husbank had access to the company bank account & tried to withdraw cash from it over the weekend - luckily i had froze the account so he wasnt successfull. I cant get appointment with accountant until next week as i will need to close business down asap, i will get no help for rent etc while i have a business in my name but i am now panicking that there is not enough money left in the account for corporation tax & vat. i will need to use the money in company account also to pay rent etc as my job i work 3 days a week does not cover the bills. my full world has been turned upside down, i cant believe the postion he has left me & our son in & cant see a way forward. the company has no assets as such as was labour only but what will happen to me if theres not enough money to cover the CT/VAT ? im terrified i will be sent to jail or have to go bankrupt, i cant access the bank account as yet to see exactly what has been going on until the new card is sent throu this week. i feel like such a fool. i completley trusted him & didnt think he would walk away clear our joint account & try clear company account. im stressed out my head, dont even know where i will be living in the next few months as cannot afford the house we are currently renting. please any advise would be greatly appreciated, everything is such a mess. thanks  

R2_Amazeballs4 months ago

Hello, Mine is a one year old Ltd co. with debts of £15000 in company contracts. No one else is owed any money, but I yet have to file VAT, corporation tax etc,. My company has gone bankrupt and so have I. Creditors keep calling everyday. It is a small company with no assets / no bank balance / it does have an ebay account - which is active - looking at closing it soon. I have no money to pay insolvency practitioners but have been following the Spongebob Plan and will be acting on it shortly. Apart from the advice that I need on the above. I would like to start another company to trade in the same sector. Can I start it immediately or should I wait till my existing company is turned Inactive by Companies House. Also, will any liabilities be transferred from the existing company onto the new company since the director / sector in trading is exactly same. Can I use the same name as well? I would really appreciate if I could get some advice on my specific case. what should be my next move?  

Col Minessota4 months ago

Being a shadow director is a criminal offence I thought it was a three year ban to be a director of a company after being made bankrupt even though you can be discharged after a year but probably wrong  

Watergirl4 months ago

Hi Sally Sorry I wasn't aware that they didn't offer advice for business owners, hopefully business debtline were useful. For what it's worth I had huge issues going on from 2010-15 & looked at entering into an IVA, I consulted an IP [cost me £1500 + vat]. In hindsight I have to admit it was pretty much a waste of cash, all she did was to attempt to broker a deal with my main creditor, something which I could have done in any event. However whilst we trying to negotiate a deal the sneaky b******s made an application for a 'charging order' on my primary residency therefore I took action [I had previously warned them that all options were being considered] & filed for bankruptcy, which made them an unsecured creditor. Whilst it wasn't initially plan A I wasn't prepared to have them on my back for years to come, I felt a the best option was to bite the bullet & dispose of all debts at once. Whilst I have personally suffered a substantial hit, it was never going to be great, I have been discharged & I have started to re-build by financial status. What I am trying to say is that there are worse things that can happen & in my experience these people don't give a damn about you, your partner, kids or anything, they will wring every last penny out of you, through you on the streets & rub there hands in glee - be strong, address your issues & take action. Best of luck. Nigel  

MechExp4 months ago

I think You see it well the whole package in this business. but In my view and experience, the most biggest mistakes in those tradings, that the companies have no clear view into the foreign exchange market of the hosting country. If You have a professional analysis before the transaction, you can reduce your risk, which save you money, or maybe generates plus incomes(if you are lucky). We create type of analysis and I know it well, the most biggest problem, that companies, do not do any market analysis before the transaction. Not because they don't like it, but they do not think it is necessary. Unfortunately it makes a huge risk on trade, and many trading companies goes bankrupt, because of this. I know many foreign exchange companies, who creates analysis with designed background, but they do not give so good informations from the current market. They do mostly technical analysis not fundamental. Both are recommanded!!!! Anyway, you have always risks but this is the life. GET FRESH AND PERFECR ANALYSIS, and your risk will be lower. Much lower  

Fionas_Boy4 months ago

I am looking for some advice for a retired family member who has just been told she has a week to pay a £90,000 fee bill or she will be taken to court for bankruptcy. The business she is a partner in trades as a sole trade/partnership has a turnover of less than £600k and she has had nothing to do with day to day running for 5 years. On the advice of the other partners she switched to a different accountant around 18 months ago. At the same time the IR decided to do a tax investigation on the business and the partners and including the tax meetings she has only spent around 2 hours in a accountants office with everything been dealt with by the other partners. A few weeks ago she decided to look into her personal finances in order to make a new will and discovered a massive bill had been built up by the other partners. It seems they agreed to these fees and as the accountant is acting for "the partners" she is responsible for the debt. My main concern is she never received any notification of invoices or outstanding debt as they were all sent to the company which they knew she was retired from. Her lawyer is currently looking into it but says it will most likely come down to bad ethics as opposed to anything illegal. I would appreciate comments from other accountants or people who have been in the same situation about anything which could be done.  

Porker3 months ago
This topic has been discussed elsewhere
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