Company insolvency advice please

Tinytim

Hi ihategossips,

It is possible to liquidate a limited company in the same way as to declare personal BR, but the fees involved are much higher (over £900 I believe). However, there is little to be gained from doing it yourself if a creditor are likely to do it for you. Of all creditors, HMRC are the most likely, and therefore it may pay you to wait for them. As others have said, as long as you haven't given personal guarantees (which you wouldn't to HMRC), then your personal assets should be safe. However, do speak with Business Debtline before deciding anything, as I believe there can be repercussions if you are seen to have done anything which you should have knwn was inappropriate - such as withdrawing money from a directors loan account in preference to paying other creditors

b-man

i did this earlier in the year. Speak to a insolvency practitioner for companies and get a "quote" on how much it will cost to do what you plan on doing.

you can use this as a free consultancy session to discuss what is and isnt needed.


i used Citroen Wells in central London for my business liquidation but you can get a list of insolvency practitioners for your area by looking on the Chartered Accountants website and then going to specialised areas and choosing Insolvency Practitioners.

hope this helps,

Cheers,

Bman