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debts from a failed business and general advice

13

Comments

  • call in the liquidators and have it dissolved
  • Hi Geeka,

    I signed my origional lease as a "trading as" name but when my company went LTD I had to inform everyone. Afterwards when the company went under I was worried that they would come after me for the rent but every month the rent reminder and the receipts after the company went LTD was addressed to **** Ltd so I just used that evidence saying that the bills were now being sent to the LTD so they were obviously aware of the changes and had been notified. Don't know whether it was legal or not but it seemed to do the trick. My accountant at the time said some people would try and come after me personally for the debts incurred by the LTD company and ironically HE was the only one even after I paid him £700 cash to complete my personal accounts when the company went down:eek: He never got his money.
  • Hi,

    Anything that is the name of the LTD company will be included when the company goes down, don't worry this is the easy bit, much easier than the personal stuff so grab the bull by the horns and get this stuff sorted first. The liquidators will just need details of all the company debts, you might get banned from being a director for a few years, mine was 5, just coming to an end now. I owed money to the VAT, tax and contributions for my employees so maybe this was why it was 5 years? All that happens is a liquidator is appointed and they notify all people you owe money to. A meeting is arranged where they are invited to appear but as they told me 99 times out of a 100 no one shows, after that it's all over bare a bit of paperwork shuffling to and fro. Sad regret with mine was it could have all been avoided but I was let down by a contract with a large company, I could have sued them but my mother had just died and I just couldn't face it. That's life as they say.

    Glad to return some help for all the help and advice you have given me.
  • Geeka re the council tax debt once the company is liquidated the liquidator will deal with all this so just forward the letter to them. You could send a letter to the council stating that this is what is happening, your business partner should have had a letter too. Once you go belly up the liquidators deal with all of it.
  • Signing for Personal guarantees is differnt but I didn't even have to pay these either because I stated that at the time of signing it wasn't pointed out to me that I would be personally liable, they never chased it?
  • Hi My husband was company secretary and he got disqualifed from being a director or secretary of a company for 5 years same as me, this might be because of the vat etc though. My company had assets which the liquidators sold to pay their fee, I don't think it was a fortune they charged though? Think it was up to them to recover money from the assets and any outstanding money owed to us to cover their fee. My accountant recomended a liquidator.
  • geeka
    geeka Posts: 239 Forumite
    i cant afford to appoint a liquidator, i'll just say the compnay is not longer trading and has no assets, see what they say to that. hopefully they moight leave me alone. cheers one and all.
  • You best check your rights because with mine it still had assets to sell, you might get some sort of reduction? I know you will still have to send a final set of accounts to companies house in anycase. Good Luck!
  • geeka
    geeka Posts: 239 Forumite
    unfortunately the guys who had all the paperwork etc has done a runner and left me with the mess, i have nothing with which i can send a return. he sorted alot of that side out, i left it to him.
    what can i do?
  • Nice!! I would let companies house know anyway and then take some advice from CAB or maybe get some advice from a liqidator if you can find someone that might offer, free, impartial advice? As a director of the company you as well as they are responsible for submitting a final set of accounts to companies house to wind up the company. Do you know the name of your accountant, if you had one yet, as usually they will have copies of the old accounts which might help? I would get on the phone and explain the situation to those who need to know like the tax and vat then at least your back is covered and they know you're not just ignoring them but there is a genuine reason for you not submitting information.
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