Recent content by Alan R Price

  1. Alan R Price

    Spongebob plus personal bankruptcy

    My two penn'orth: Write out a list of all your personal debts, including anything like personal guarantees for company debts. Include an overdrawn director's loan account if you have one. If the hire purchase agreements are in the company's name, leave them off the list. Assuming your name...
  2. Alan R Price

    debts but company has assets

    Unless the rules have changed since I gave up practice, yes. The Guidance Notes say: "Claiming for redundancy, unpaid wages and holiday pay You can apply as soon as you’ve been made redundant. The person dealing with the insolvency (the ‘insolvency practitioner’ or ‘official receiver’) will...
  3. Alan R Price

    debts but company has assets

    As regards your rights as an employee, a good place to start is here: https://www.gov.uk/your-rights-if-your-employer-is-insolvent/your-rights. You will have a claim against the company, at least part of which could be met by the government's insolvency scheme BUT this will only kick in if the...
  4. Alan R Price

    Advice

    I have nothing against IPs (having been one for many years) but... horses for courses. And as I always said, Spongebob and I were the opposite sides of the same coin. In cricketing terms, I was the straight bat and he was the slog over cow corner!
  5. Alan R Price

    Advice

    Oh dear, what have I started?
  6. Alan R Price

    Advice

    Thank you. Just dipping in and out!
  7. Alan R Price

    Advice

    An IP does not need to be involved. The company can be wound up compusorily (by court order), when the official receiver at the helm or voluntarily, where an IP deals with the matter. Have a lok at the link to the Spongebob Plan above.
  8. Alan R Price

    Can you start over again after Spongebob? Director? Ltd?

    I am certain HMRC keep records and if they spot a pattern of defaults by a particular director, they will take steps to block an attempted "Spongebob", wind up the company and press the OR for disqualification. They are also known to fund liquidators to pursue directors personally if they...
  9. Alan R Price

    Could SpongeBob solve lease issue?

    If the company has £12,000 in the bank, it's worth taking formal legal advice from a specialist property solicitor. You do not need to enter into litigation just because you seek advice; and at least you will get an informed view. You do not need to pay £350 a hour. I can recommend a very good...
  10. Alan R Price

    Urgent Advice?

    Thanks for the post. While things are a little clearer, it is still not obvious what your role was in the business, who was running it, why you were not a director, or what the apparent subterfuge was surrounding the payments to you. If you need advice, you need to give us all the facts. At...
  11. Alan R Price

    Help ...potential HMRC investigation for section 106a

    They are referring to section 106A of the Taxes Management Act 1970 - see this http://www.legislation.gov.uk/ukpga/2010/8/schedule/7/part/16. The main thrust of this section is as follows: "A person commits an offence if that person is knowingly concerned in the fraudulent evasion of income...
  12. Alan R Price

    Urgent Advice?

    There appears to be more to this than meets the eye. OP seems to be unsure who was running the business, and now he wants to appoint somebody else as a front man; the company's accounts are not written up to date; there are "£xx,xxx" worth of tax liabilities. He says he "Used to pay suppliers...
  13. Alan R Price

    Owe CT but now dissolved.

    I agree.
  14. Alan R Price

    Questions about suing someone who is threatened with Bankruptcy

    Bankruptcy is a costly and long-winded process, and should be viewed by creditors as a last resort. It can be used as a threat to obtain payment, but the threat doesn't always work. It costs about £2,000 in fees and charges to make somebody bankrupt. As Charlie says, until you have been paid...
  15. Alan R Price

    Corporation tax/directors loan

    HopeIT If the company goes into liquidation, the liquidator (this may be the OR) will require you to repay what you owe the company. The £17k is not "technically owed back to the company", it is a real debt, that you are liable to repay. If you go down the voluntary striking-off route, you...
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