Company liquidation and personal IVA - urgent help needed

helen2192

Hello,
This is my first post on here so apologies if it's in the wrong section.
I am at a really difficult cross roads and need some urgent advice.


In a nutshell:
I'm the sole director of a LTD co, which I am the only employee of. I have approx. £20k worth of debt with an invoice factoring company which at the moment, we're in a stale mate situation as they know there is no assets to the business. I also have a £10k loan and £4k debt - total about £35k business debts (£30k of which are personally guaranteed by me)
I rent a house and have no assets, plus about £10k personal debts.
Business can make money and it does generate income however because of the debt with invoice factor - they won't release funds which has screwed both my business and personal circumstances.
Spoke to 2x IP's who both advised going liquidating company and then setting up an agreement or IVA with my creditors including the business debts I am personally liable for which is a course I am willing to take.
Due to illness, I am unable to hold down a full time job so need the ability to be self employed and I have a good client base.
Have been advised re: phoenix company and/or liquidating and operating through another LTD co I already have (which has no debts)
The problem is, I can't afford the £5k fee's the IP's are asking and need some advise on how to do it myself - most importantly legally but also professionally and as simply as possible.
This is a really difficult time so I very much appreciate any input/advise anyone can give me.


I am very sorry if this is in the wrong forum, if it is please let me know which is best as I can't seem to find a business only one?


Thank you
Helen

Business_Debtline

Hello Helen,

My name is Regina and I am an adviser for Business Debtline.

Some of your options – such as closing the company down and negotiating informally with creditors – could possibly be achieved without the intervention of insolvency practitioners (IPs ). You may be able to make an application to Companies House to strike your company off. There are criteria you would need to meet before this process is applicable to you and I would need more information before I can advise in detail.
Please call our helpline on 0800 197 6026 and speak to one of our advisers. We can talk you through closing your company down and making the application to Companies House. We also give advice on personal debts so can discuss whether an IVA is a suitable option for you (alongside any other options). All advice is free, impartialand confidential. Our lines are open from 9:00-17:30 (Monday – Friday).


I hope this helps.

Regina