I'm delighted that my plan still stands up to scrutiny a decade or more after it was originally formulated. It is currently even more relevant than ever with countless small companies struggling with insolvency and outstanding Bounce Back Loans.
A small correction to the article;
Submitting a DS01 at a cost of £10 is NOT an integral part of the Spongebob Plan. It is entirely optional and not particularly important.
If a creditor winds the company up it will be liquidated in a proper way at no cost to the directors. This was my personal experience in the early 2000s when I had three companies wound up by HMRC.
If no creditor winds the company up it will eventually be struck off by Companies House. I see no benefit in proactively hastening the process although I understand others' desire for speedy closure.
A small correction to the article;
Submitting a DS01 at a cost of £10 is NOT an integral part of the Spongebob Plan. It is entirely optional and not particularly important.
If a creditor winds the company up it will be liquidated in a proper way at no cost to the directors. This was my personal experience in the early 2000s when I had three companies wound up by HMRC.
If no creditor winds the company up it will eventually be struck off by Companies House. I see no benefit in proactively hastening the process although I understand others' desire for speedy closure.
