Insolvency, Outstanding Corp and Emigration

[techbor]

Hi, I need some advice with my current business situation please. Below is a rough summary of my position.

I've traded quite well for a few years but due to various reasons dont have much to show for my efforts. My Ltd Company currently owes HMRC around £35k up to Mar2009 and I have no way either in the business or personally to pay this tax. I am left with a Ltd Company that whilst it makes a small amount of profit each month cannot meet this debt. I dont own any assets in the UK as I managed to sell my house the day of my repossesion hearing and walked away with only 5k on a 500k sale and I've got about £15k of personal CC debt and a £13k PG on a business OD PLUS I just found out I have an illegal dividend of £26k recorded from 2008 which my new accountants say could be taken from me personally if/when HMRC wind my company up. :-(

I am currently living with friends and all bills,statements are sent to a mailbox address. My business address is closed as well and I have no assets left there. I have also taken the decision to Emigrate and start again overseas in the USA.

I have had a playment plan with HMRC for the previous years tax liabilty which currently has a balance of £10k, but with the addition of £25k of further tax for 2009 I am unable to increase my payments and feel that liquidating the company is the only way forward.

Can anyone tell me if I can leave the country and let HMRC wind my company up - how would I deal with the OR as I wont be able to attend any wind up meeting as I'll be living overseas?

I'll also probably go personally bankcrupt before I move to give me a totally clean slate and to avoid HMRC trying to get anything from me. Problem I have with everything is I plan on going in about 6 weeks.

Can the above be acheived?

thanks in advance for any advice.

[Logistika]

best advice is to contact your major creditors (incliding HMRC) to give them an address to serve statutory demands upon.

If it is a mates drop address, give them that, but also change any company details to that one as well.

For the creditors to go through the right procedures they must deliver certain documents to the last official address.

Get someone to acdcept them , and if you are absent, then your company, and you will be deemed in your absemce to have an inability to pay debts. LEt the official reciever sort it out, and then come back to UK with a clean slate.

Obfuscation of addresses at this time is a stupid strategy, anmd in no way will your company bankruptcy/personal bankruptcy be completed in 6 weeks.


I assume you are reliant on your creditors to petition bankruptcy to save you the filing fees. They may wait 6 years before doing so.

If they have an address to accdept papers delivered., it will tick their boxes. If you are in USA in this time, you will be adjudicated in your absence, but its no big deal

[techbor]

Thanks for your prompt reply, sounds like this will be ok as long as I have a correspndance address for HMRC to contact me via.

I was thinking about opening a mailbox and changing the company registered address to this at companies house, they can then forward me any correspondance to deal with.
What I dont want to do is drag either my old landlord into this or any friends/family. I'd rather HMRC had a mailbox which is a faceless address.