Company credit card from company that has ceased trading

GetOutOfThisMess

Thanks for all the info., I will try and get hold of a copy of the T&Cs ASAP.

For info., the company couldn't pay it's coropration tax bill as no work was coming in so after speaking to an insolvency practitioner, I was advised to write to the two main creditors - the HMRC and the bank to inform them that the company was no longer trading and invited them to take insolvency proceedings against the company. I was then advised to send some official form to Companies House 3 months later that requested them to strike off the company and at the same time, send copies of the form to the creditors. I have now done that and sent t he copies to the bank, HMRC and MBNA.

To be totally honest, I alwys thought it would be my debt but felt a bit "heartened" after the customer advisor told me that it was a company debt and that it would be written off when the company appeared as "struck off" on the Companies House website.

TFD_2

GetOutOfThisMess wrote: »

Thanks for all the info., I will try and get hold of a copy of the T&Cs ASAP.

For info., the company couldn't pay it's coropration tax bill as no work was coming in so after speaking to an insolvency practitioner, I was advised to write to the two main creditors - the HMRC and the bank to inform them that the company was no longer trading and invited them to take insolvency proceedings against the company. I was then advised to send some official form to Companies House 3 months later that requested them to strike off the company and at the same time, send copies of the form to the creditors. I have now done that and sent t he copies to the bank, HMRC and MBNA.

To be totally honest, I alwys thought it would be my debt but felt a bit "heartened" after the customer advisor told me that it was a company debt and that it would be written off when the company appeared as "struck off" on the Companies House website.

That works ok if HMRC, MBNA and the bank are all happy to just forget about the cash and write it off.

As far as I'm aware, if any of them object to the company being striked off, and none of them want to cover the cost of winding you up (which will cost them $$$) then you would have to go through proper insolvency proceedings.

never-in-doubt

TFD wrote: »

then you would have to go through proper insolvency proceedings.

which then costs you around £3k for the privilege! :eek:

TFD_2

never-in-doubt wrote: »

which then costs you around £3k for the privilege! :eek:

It does indeed, but if a company has gone out of business and owes money to other people or companies, then it's only right that the procedure is properly followed, allowing the creditors to understand why they have lost money, and for a decision to made by the insolvency service as to whether this person has correctly fulfilled their duty as a Director as laid out in law, or whether they should be disqualified.

In the case of banks losing money, other account holders ultimately pay. In the case of the state losing money, we all pay. In the case of companies losing money, the owners of these companies pay.

I'm not preaching, I've had companies do well, and companies do not so well. But I've always followed proper procedures.

GetOutOfThisMess

I also want to follow the proper procedures and I am doing what's been advised by my accountant after a meeting with an insolvency practitioner. I am genuinely gutted to have to wind up the company after 10 years but I had no option as providing for my family is at the top of my list.