I'm filling in my SOA - I'm going to need some help

custard_cream_3

Hello again,

It's starting to hit home now I'm filling in my Statement of Affairs. Anyway, my first question is...

...this may sound stupid, but in the section "Business Details" do I list the company which I'm currently a director of? Also, where it asks for any money I'm owed, do I put down any money the company is owed? My head says no, as that's the company's money, not mine. It's all going to reduce the business overdraft anyway before we attempt to have to company wound-up.

Edit: Just seen it says "Please complete this section if you are or have been self-employed (including a partner in a partnership) at any time in the last two years." I haven't been in a partnership or self-employed, unless being a director of a limited company counts as being self-employed for these purposes?

chelseabun_3

Hi CC,
I'm not sure whether you fill it in as tho you're self employed, or whether it's different with a Ltd co.

Have you spoken to Biz Debtline? They might be able to guide you with how to fill the forms in. Or the Insolvency Helpline - they're good for practical "how to fill it in" type advice. CBx

custard_cream_3

Thanks again CB - I'll phone them in the morning. I don't really want the limited company dragged into this too much because, for some unknown reason, I want to make things as simple as possible for my !!!!less business partner.

Gloomy_Past_Bright_Future

No,

You are classed as employed, you are employed as a director of your company!

Don't list money owed to the company, it is the companies money...

custard_cream_3

Thanks GPBF. That sounds logical. My only concern was in some people's eyes, being a director of your own company amounts to self-emplyment, but I guess not where BR is concerned.

Much appreciated, as always.

brokebanker

What references would need to be made about the Ltd company in the forms???

custard_cream_3

I have to list myself as a director of that company, but I think that's about it.

Ok, I'm now ploughing through the forms, and I was wondering what everyone else has put down as the reason for credit card debt. All I can remember is balance transfer and general living expenses. I'm not sure I can be much more specific.

Also, if I'm jointly liable for the business overdraft, should I list that? I'm guessing I should.

brokebanker

Are you not winding your ltd company down before br?

custard_cream_3

Well, sort of trying to by quietly going about getting any debts in to reduce its overdraft before the accountants write off to the taxman to say we have no money. The timing of this is crucial of course, but equally, I don't want to be hanging around not making payments to my creditors as I've not missed a single one yet and I don't want the stress!

brokebanker

So your liquidating the ltd company (due to not being able to pay the corp tax) and going personall BR???

custard_cream_3

Well, sort of. The accountants have advised us to try and avoid officially liquidating the company and just seek the revenue to wind us up otherwise we have have all sorts of dividend issues which I don't care about, but my business partner would.

So yes, but no...I think.