Limited Company CCJ help

JonathanSJW

Need some help as the stress is really starting to build up now.

I setup a small company 2 years ago which has been moderately successful, I tried to venture into a different market & failed miserably. I/the business literally have nothing left but owe a company approx £9,000, which there is unfortunately no way of paying. I have had paperwork through for a CCJ & have no idea what to do. This was my first venture in business on my own & these daunting legal letters with talk of court dates etc have really made me worried as to what is going to happen.

I would very much appreciate any advice as to what the best steps are for me to take & what is likely to happen to me/my business in this situation.

Thank you.

JonathanSJW

Can anyone help me?

ghostmadlittlemiss

JonathanSJW wrote: »

Can anyone help me?

Unfortunately, I don't know very much about business but I didn't want to read and run. You might not get a great response at this hour, it's only insomniacs like me on the forums this late/early but if you post again on this thread later today to bump it up to the top of the page, you'll have a better chance of a response. Maybe, say, about 8am or so at the earliest. Hang on in there and I hope you get some help soon.
Kayleigh

Hannah_10

Give it 24 hours, for the people in the know to see this. I understand it feels like you need a solution yesterday already, but it will hold till morning, maybe even the day after. I would like to see one of a few certain people on here and they will probably all have logged out for the night hours ago now. Be nice to yourself, worry makes a person ill and it only breeds more stress, never solutions. Get some warm milk and try to sleep, easy for me to say I know, but I learned my lessons the hard way too. Rest now, cleverer people than I will be along soon enough.

PNPSUKNET

If the buisness which is an ltd has formaly been disolved or struck off, the debt would die with the company. Only it would be liable

DVardysShadow

The clue is in the fact that it is a limited company. The creditor can go for the CCJ, but the liability of the company is limited to the extent of the money in the coffers. Company debt does not turn into personal debt UNLESS the company takes out a loan guaranteed to the bank by an individual.

ILW

Is the company still trading?
Were any personal guarantees given?