Limited company and deceased sole director

vickster75

Hi

After spending almost 12 months going around in circle I need some advice please?

Last xmas my dad unexpectedly passed away. He was a sole director of a small limited business with an apparent friend being a 20% shareholder. Dad was not married, nor held a will.

The business was closed was immediate effect and all creditors updated immediately. Dad didn't own the building and no assets (it was a small back street pub) and debts started to accrue from Jan 2024. I applied for Letter of Administration to deal with his personal affairs which was granted August.

From Dec to August, debts started to mount, mostly utilities, some more ruthless than others. I.e British Gas...just wow

With my own money I approached a liquidation company back in August to place the company in voluntary liquidation. Whilst touting for business they made lots of promises such as how quick this will be dealt with given the circumstances, they will take over the affairs blah blah but I had to apply to be the new director first which I did. Fast forward to now. Once they have got my money, they have done nothing. Debts are forever increasing, I feel like I'm on trail and I just don't know what to do.

After almost 12 months, I'm now prepared to walk away, resign as director and let whatever happen, happen. The 'friend' is showing her true colours and just wants money, Where from who knows

None of the debts were personally guaranteed, I believe none of the creditors are prepared to take legal action as they know given the circumstances they will receive nothing in return.

Any suggests? I just want to mourn the death of my dad instead of getting my head pecked off constantly regarding a business which was not mine and is now de-funk.

Thanks

pramsay13

Who owns the building? 
Is the business tied in to a lease or does the death of your father end it?
What has happened with the business all year? Is it just sitting empty doing nothing?

vickster75

The brewery PUNCH own the building. Due to errors with PUNCH and various other issues involving them, after a long battle they have allowed me to surrender the lease without them chasing any owed debts to them which has all been confirmed via their director. The building is stood empty and PUNCH obtained the keys and responsibility back in September

Bookworm105

you could resign and "run away" given the company appears to be insolvent.

the fly in the ointment of that is who holds the 80% shares - have you inherited them from your father?

read this re shareholders in the event of no remaining director
When a sole director is left holding the baby - Ansons Solicitors : Ansons Solicitors

vickster75

Thank you for this. Yes on the advice of the liquidators, me and my siblings are now collectively 80% shareholders. Can’t bloomin escape it can ? 

PHK

Did your siblings appoint you director?