winding up a limited company

pandi_2

I need advice regarding winding up a small limited company with no assets or capital but does have outstanding debts. Dont know where to start or who to contact.

Quentin

The Accountant will advise.

Pennywise

Who is owed the money? What are they going to do about it? As long as you are squeaky clean and have kept yourself within the law, not signed any personal guarantees, and not treated yourself with preference compared to the others, then they probably can't touch you. Why not let them take the inititative and petition for it to be wound up themselves - that way you don't have to bear the costs of the liquidator. Otherwise, you will have to appoint a liquidator to formally wind it up which could easily cost a few thousand, but is really the only option if you have a variety of creditors but not enough money to pay them all. If the monies owed aren't huge, you may be better off paying them off yourself, and then once the company has no debts anymore you can apply the S652a informal striking off procedure which only costs a tenner!