alwaysintrouble
19th February 2010, 22:26
Hi to all - I have been browsing the forum for a long time and have finally plucked up the courage to register and ask my question. So, without further ado, I will proceed and hope that some of you may be able to offer me helpful advice, for which, I shall be most appreciative.
Basically, I was the director of two ltd companies, both in the home improvement industry. As the recession started to bite, the weaker of the two needed to be put into administration. We appointed a firm to do it and they got their fee from the sale of busines assets. We owed a lot as it was a high turnover / low margin business.
The stronger of the two was to be the sole survivor and I thought things would be OK. It had lent money to the weaker one in the hope that, somehow, things would get better which weakened its finances considerably but, after downsizing, we thought that we would be able to see it through as sales were still fairly stable. However, as the recession bit harder, our sales droped to just 10% of their previous levels. In May of last year, it became necessary to stop trading as we simply couldn't pay the bills and we had amassed a large amount of debt including several months PAYE/NIC & VAT payments due to HMRC.
At the same time, I was banned from being a director due to the problem with the first company so have done nothing more with the second company since May. Haven't filled in a form, haven't responded to a letter, haven't completed a return etc. Accounts are overdue too but there is no money to engage our accountant to do so and he knows it so won't do any work without payment up front. Basicaly I have let the company down and I know it.
There is a warehouse full of stock, the rent for which has been paid by my family since last May but they can no longer afford to do so, so I need to wind the company up.
My question is this. Will I get in trouble for acting on the company's behalf havng already been barred from running a company? If I can't do it , who can? Would it be better to, somehow get all the tax returns and accounts up to date or just leave them be?
Basically, I was the director of two ltd companies, both in the home improvement industry. As the recession started to bite, the weaker of the two needed to be put into administration. We appointed a firm to do it and they got their fee from the sale of busines assets. We owed a lot as it was a high turnover / low margin business.
The stronger of the two was to be the sole survivor and I thought things would be OK. It had lent money to the weaker one in the hope that, somehow, things would get better which weakened its finances considerably but, after downsizing, we thought that we would be able to see it through as sales were still fairly stable. However, as the recession bit harder, our sales droped to just 10% of their previous levels. In May of last year, it became necessary to stop trading as we simply couldn't pay the bills and we had amassed a large amount of debt including several months PAYE/NIC & VAT payments due to HMRC.
At the same time, I was banned from being a director due to the problem with the first company so have done nothing more with the second company since May. Haven't filled in a form, haven't responded to a letter, haven't completed a return etc. Accounts are overdue too but there is no money to engage our accountant to do so and he knows it so won't do any work without payment up front. Basicaly I have let the company down and I know it.
There is a warehouse full of stock, the rent for which has been paid by my family since last May but they can no longer afford to do so, so I need to wind the company up.
My question is this. Will I get in trouble for acting on the company's behalf havng already been barred from running a company? If I can't do it , who can? Would it be better to, somehow get all the tax returns and accounts up to date or just leave them be?