liquidating a limited company based at home...

tlrtone

I wondered if anyone can help?

I have run a limited company out of my study at home (registered address is my home address) and I am about to go into voluntary liquidation. I only have one debtor (HMRC!) and a very few assets (laptop, pc tv etc).

Question is, if I liquidate, then will they come and scour my home, and what powers do they have to sieze assets? Will they take first and ask later, or only take what is in the accounts?

I am worried that I may not be there when they call, so don't really like the idea of them going through all my personal stuff.

Anyone done this before?

WhiteHorse

You will need to be able to show that the company is genuinely bust and that company assets have not been made over to you in order to evade liability.

If the sum owing is not much, it may be considered not worth chasing, but don't depend on it.

tlrtone

WhiteHorse wrote: »

You will need to be able to show that the company is genuinely bust and that company assets have not been made over to you in order to evade liability.

If the sum owing is not much, it may be considered not worth chasing, but don't depend on it.

the sum owing is less than £5k and I am liquidating as I do not need the company any more. the assets are worth less than the debts and no, I haven't moved anything over to my name, in fact I have had to go and buy a new PC, so I can transfer some personal files (holiday photo's etc) so I don't lose them!

Just wanted to know if it will be a painful process!

WhiteHorse

HMRC are unlikely to let go easily. As you owe them money, they may well oppose the striking off until convinced. It will be easier if your accounts had been made and stamped by an accountant. Is this so?

Johno100

tlrtone wrote: »

the sum owing is less than £5k and I am liquidating as I do not need the company any more.

The Company has liabilities of less than £5,000 and you are putting it into liquidation:huh:. Unless you have found a very cheap IP then the Statement of Affairs fee (including VAT) won't be much less than the amount owed to HMRC.

Why don't you forget about liquidation and pay the money you intend to pay to the prospective Liquidator to HMRC as a full and final settlement offer, then dissolve the Company?

Don't worry about the Company's assets, second hand electrical goods as you describe are worth next to nothing. Once HMRC have paid an agent to seize, collect and sell them they will most likely end up out of pocket.

WhiteHorse

Or alternatively, loan or gift the money to the company. The company pays off what it owes to HMRC. The company then owes you. You declare yourself entirely satisfied. The company can then be dissolved.

NeverAgain_2

Leaving £5,000 outstanding is not a good idea to what is a very powerful creditor, which furthermore has unlimited resources to chase you if they so choose.

Whirlee

You will need to have a good reason for abandoning the company with £5k outstanding to HMRC, especially if you have been paying yourself.

property.advert

Whirlee wrote: »

You will need to have a good reason for abandoning the company with £5k outstanding to HMRC, especially if you have been paying yourself.

This is where any plan falls down.

The OP has (presumably) taken out from the company and spent the money due to HMRC.

At best it will be a director's loan and thus repayable.