Need to get this off my chest....

FeelingLow

Walter_J wrote: »

Hi,

It makes a change to see a post on here from a genuine businessman who's got into difficulties, rather than the usual idiot who's gone mad on the credit cards.

i really dont think comments like that help anyone

InTheBrownStuff i cant give you any advice & i suppose you have sought advice from the free debt charities, so i just want to wish you luck in whatever you decide to do, admitting that there is a problem is the hardest thing to do,

silvercar

Walter J's posts are spot on, good advice given.

The most difficult thing is separating your company from yourself, after all you have lived and breathed it. The point of limited companies is that their liabilities are limited, when creditors made decision to loan your company money they did so in the knowledge that the liability was limited. It was a commercial decision for them and you paid for the higher risk in the interest rate you were charged.

The only thing you can do for your tenant in property C is to keep her informed and give her an excellent landlord reference.

In preparing a final statement of the financial affairs of the comany, remember to include any loans you or your wife made to the company.

best of luck for the future.

JPS29

Thanks everyone for the comments, can I just ask those that have had their own businesses which ended up being wound up a question.

As the Vat Man is "threatening" action against me, or should I say the company, would it be wise for me to just wait until they wind me up?

Obviously the pro's of this are less cost to me and I am watching every penny at the moment. whilst the negatives are that this may be some time?

Or should I put the company into liquidation myself? Will the OR be more harsh on me for letting it drag on when I was in a position to put the company into liquidation voluntarily?

Also, do I need to use an IP or can I represent myself with my new found knowledge and support of all on here

Thanks in advance

Richard_S

silvercar wrote: »

Walter J's posts are spot on, good advice given.

The most difficult thing is separating your company from yourself, after all you have lived and breathed it. The point of limited companies is that their liabilities are limited, when creditors made decision to loan your company money they did so in the knowledge that the liability was limited. It was a commercial decision for them and you paid for the higher risk in the interest rate you were charged.

The only thing you can do for your tenant in property C is to keep her informed and give her an excellent landlord reference.

In preparing a final statement of the financial affairs of the comany, remember to include any loans you or your wife made to the company.

best of luck for the future.

Silvercar,

If I remember rightly you're an accountant; do you think you might be missing something here?

Richard

scaredwitless32

Walter_J wrote: »

Hi,

It makes a change to see a post on here from a genuine businessman who's got into difficulties, rather than the usual idiot who's gone mad on the credit cards.

You arrogant !!!! :mad:

Toon_Dave

Walter_J wrote: »

Hi,

It makes a change to see a post on here from a genuine businessman who's got into difficulties, rather than the usual idiot who's gone mad on the credit cards.

i cant see how that is going to help anyone reaching out for help and advice for whatever reason.

Ours is not to ask why but to offer constructive help and assistance to anyone who needs our help for whatever reason. i dont think anyone here is in a position to make such a personel remark about anyones situation.

Also, any new posters reading that will not be wanting to ask for help. That does not help anyone get out of the debt crisis they find themselves.

Most people here will offer non-judgemental advice as to the best of their ability.

Dave.

Toon_Dave

In The Brown Stuff,

With regards to having paid out upfront for Insolvency advice, the free charities ie CAB or CCCS are more than adequate in providing the exact level of advice as those so called specialist companies who after all are looking to be paid first and formost and so are not looking for a non-profitable solution for you. I would personally say as will most on here to not pay for any more advice as free assistance is available to each and everyone of us.

I would certainly advise checking the insolvency or CCCS websites and contacting them as soon as possible regarding the best course of action. The legal field with regards to property and tenants etc is a very confusing one and they will be able to give you a non judgemental, specific advice for you and your family

Sorry i cant help any further advice but juist wanted you to know that we all feel for your situation and hope you get it resolved. The bottom line is that everything has a solution, nothing cannot be sorted.

Good Luck
Dave.

dalip

My sentements eactly scaredwitless32. I was going to say something similar but you beat me to it:p .

silvercar

Richard_S wrote: »

Silvercar,

If I remember rightly you're an accountant; do you think you might be missing something here?

Richard

:eek: Have I???

Not an accountant myself, though a few in the family.

If I have missed something I apologise. I do have my own company so I thought I could add info. Always do take professional advice rather than rely on internet forums.

I'm puzzled now!

JPS29

Lol, me too, I was waiting for you to come on here with the solution we all missed

Thanks anyway