Need honest advice on how to Voluntary Liquidate small ltd company due to ill health

Greguk123

I have run a garage for 8 or so years, sole director of a ltd company.  I suffered double organ failure, then covid, then no staff, then lost the premises.  Currently the ltd company is active but I'm not trading.  I don't owe anyone much at all, don't have many assets.  I would just close it myself but there is a 23k I think bounce back loan and a 5k overdraft.  I have no funds.  Because of this to write those off I believe I have to give it to a licenced practitioner to put it in voluntary liquidation.  Is that right?

I think I can claim redundancy from hmrc and may be able to use that to fund liquidation.  I have been quoted 5k, 2k and varying amounts inbetween.  All say the same, only need 15 minutes of your time dead easy.  So if that's the case 2k seems a bit rich to me...  I also don't know how to claim that redundancy to give me a little capital to pay someone with.

Any help really appreciated, could do with someone honest on my side.  It's hard enough dealing with the medical issues including 3 heart attacks, I need to get this off from round my neck.

Cheers, Greg.

kazwookie

https://www.gov.uk/liquidate-your-company

fatbelly

Try running this past Business Debtline. It's a free service

missimaxo

15mins of your time but an awful lot more of their time. There's statutory reports to creditors, investigations, statutory filings. I'm not saying it's worth £2k necessarily but it takes a lot longer than just dealing with you.

Another option would be just leave it and eventually either a creditor will do a compulsory liquidation or it will get struck off at companies House. Again not recommending this course of action just letting you know of an alternative.

Greguk123

fatbelly said:

Try running this past Business Debtline. It's a free service

I will do tomorrow, thank you

Greguk123

kazwookie said:

https://www.gov.uk/liquidate-your-company

I have looked at the options and I'm pretty sure I need to claim redundancy and maybe holiday pay, but most sites seem to say this needs to be done with the liquidator or after liquidation.  I am also sure I need to put it in liquidation via a insolvency practitioner but that's about as far as I have got.

Greguk123

missimaxo said:

15mins of your time but an awful lot more of their time. There's statutory reports to creditors, investigations, statutory filings. I'm not saying it's worth £2k necessarily but it takes a lot longer than just dealing with you.

Another option would be just leave it and eventually either a creditor will do a compulsory liquidation or it will get struck off at companies House. Again not recommending this course of action just letting you know of an alternative.

Thank you for your advice.  For various reasons I need it wound up asap, so letting it sit isn't an option and applying to wind it up myself isn't an option as there is a loan/overdraft outstanding that the company can't pay.

So I need to go the insolvency route.  I take your point about it's a bit of work for them, I will have to pay what I have to but I just want to know who is an honest and among the most affordable practitioners out there to go with.  The net is full of adverts and half of them are not good I'm sure.  A personal recommendation or someone known to be good in the finance industry is really what I'm looking for.

Thanks, Greg.

missimaxo

Sent you a private message