Husbands massive debt

Mariew89

Minkym00 A few things to consider here. HMRC do not normally agree a payment plan longer than 12 months - is that going to be viable? Is the company going to be viable going forward with this liability to repay? You mention that it has been impacted by COVID, can he honestly see things getting better as we are not going to be fully out of lockdown for a few months yet? He needs to be realistic and consider whether it’s time for voluntary liquidation. The company is already insolvent, continuing could very well attract an allegation of insolvent trading, which will mean that the director is personally pursued and THEN your house is at risk. Voluntary liquidation now could be the least worst option. 

Have you spoken to Business Debtline yet?

He’s spoken to debtline yes, they were very helpful.

We are still at the stage of sussing out what all the options are, then we’ll have to decide which way forward we go.  Should there be another google update and the covid situation improves, then it’s viable that he could pay, but all that is out of our hands. 

We’re currently rounding up stuff we own, eg spare tv, jewellery and bicycles etc. And trying to get as much as we can to offer a lump sum and a payment option.  I’m trying not to panic, and think along the lines of what will be will be, but I need to try and fix it first, before we throw the towel in.

maxmycardagain

Mariew89 said:

maxmycardagain said:

Directors can be unaffected by the debts of a ltd company, as were the ones who sent me under, id guess the company owes many suppliers lots of money besides owing HMRC....

No, there are no suppliers.  It’s not that type of business, so just the debts mentioned. 

He may as well do a deal with HMRC, if they wont they stand to get nothing unless he gave a directors guarantee or put up property/assets as security, ive seen directors simply resign off company house and pay nothing

maxmycardagain

"Also, the way in which he earns, is quite sporadic, so one month he could earn 20k and the next zero, or even negative"

Has his accountant not dealt with his average income?

Mariew89

I’m sure his accountant has, and he’s dealing with them now, to go through it all to weigh everything up.  I know he doesn’t want to go bankrupt, so if that happens, it’ll be the last resort.  He has two employees too and doesn’t want to let them down. 

mumsie2007

50Hello This is my first post.
I am hoping some one can give some advise.
I am currently going through a really nasty messy divorce, i filed and had to get papers served as he was ignoring everything. 
Filled for Divorce September 2019.papers served May 2020. 
First Divorce court hearing 22 June. My solicitor advised me 2 weeks prior to my hearing after receiving the first correspondence  from His solicitor that HMRC were taking him to court for Bankruptcy. He wanted to Adjourn my divorce hearing on 22nd July as he had a HMRC hearing 28th July, i said no, his HMCR hearing was adjourned.  I was advised by my solicitor the HMRC had started the bankruptcy a year earlier in June 2019, I had no idea a we weren't talking.
Nothing agreed at first hearing, was due to have second hearing in October 2020, the ex got it moved to December, as ex had HMRC hearing in October. His HMRC hearing was adjourned. 
Second Divorce hearing 2nd of December, day before he offered me half the house equity. When he sold his unit IF ther was any money left he would split it.. (There wouldn't be any left) he would retain all his assets worth 400k.  2 x race cars, classic bikes, classic cars, vans, unit. etc.  He has denied having these vehicles, advising sold or scrap value, been in an accident worth scrap, no MOT in bits its a project, sold etc. i said no to this offer. 
Third and final Divorce hearing made for 2 days in May 2021.
Ex had 7th HMRC hearing 13th January, he didn't turn up so it was adjourned to The 10th February. My step dad found ex on the government Bankruptcy list on Monday 16th February. Ex hasn't told me and doesn't know i know about it.
 He is trading as so our house is at risk, we are joint owners. Its worth 475k Mortgage owed is 83K.  He has a unit worth 120k.  His HMRC debt is approx., 180k his personal debt is approx. 80-100k.
We agreed to sell the house I was already to go and had signed the estate agents contract and was awaiting him to sign it to. When i found out he was bankrupt.  So the sale is now on hold.  i will add he has always paid the mortgages over the 28 years. February 2020 he threw his toys out the pram cancelled the DD for the mortgage. When i found out he told me it was my turn to pay it for a change.  I cant afford to pick that up its too much money £950 a month with me paying council tax the bills food my personal stuff etc, we have 1 daughter whos 13. he wont move out despite being asked to eave twice by my solicitor. He is now living here for free.  So we have gone through the whole lock down under the same roof. 
The mortgage has been paid for 1 year now, i have kept the mortgage company fully informed the whole time.  We are getting ever closer to repossession. 
My solicitor has written to the court to ask for an urgent hearing, but she not holding any hope to get one. She is also going to try and speak to my barrister booked for May. She wants to see what they can try and do in order to get an agreement from the HMRC for mea to deal with assets and repay the debt. That would also include trying to salvage the sale of the unit and also utilizing the ex's share of the proceeds of the house sale.
Does anyone have any experience in this area. What happens now how long does i take. Doe his trustee contact me. 
This limbo is so stressful. 
i will also add he doesn't care about me and would be happy to see me in the gutter with nothing is he could. 
any advise would get greatly appreciated

Sorry to waffle Thanks in advance

luvchocolate

Hi you would be better starting a thread of your own instead of tagging on an existing one. 
It gets difficult for us to answer 2 different people in one thread 

mumsie2007

luvchocolate said:

Hi you would be better starting a thread of your own instead of tagging on an existing one. 
It gets difficult for us to answer 2 different people in one thread 

I have just realised that thanks not sure where to post? 

mumsie2007

mumsie2007 said:

luvchocolate said:

Hi you would be better starting a thread of your own instead of tagging on an existing one. 
It gets difficult for us to answer 2 different people in one thread 

I have just realised that thanks not sure where to post? 

luvchocolate said:

Hi you would be better starting a thread of your own instead of tagging on an existing one. 
It gets difficult for us to answer 2 different people in one thread 

Confused where do i start a new thread please?

Mariew89

Confused where do i start a new thread please?

If you go the top of this page, you should see a red button to create new thread.

I hope goes well for you both, with your predicament, it can’t be easy. 

Mariew89

Ps. You should be able to see
the screenshot I did?  Just copy and paste your message you posted on here.