Recent content by ChrisCallaghan

  1. ChrisCallaghan

    New to this - CVL? Other options?

    So your accountant would've filed false accounts? 🤔
  2. ChrisCallaghan

    New to this - CVL? Other options?

    Your company is essentially solvent I'm afraid! The cash plus the asset of the DLA = £53k, vs the total debts you've described of £50k (including 2025's CT). Were you to liquidate, the appointed insolvency practitioner would come to you to repay your overdrawn loan account, or at least expect...
  3. ChrisCallaghan

    Closing a limited company in debt with no funds or assets

    Pretty much!
  4. ChrisCallaghan

    £1 sale or IP

    Hi and welcome to UKBF. The following is one of the threads @Mark T Jones referred to, and has a link to another thread in it. Both are worth a read to help you make an informed decision. https://www.ukbusinessforums.co.uk/threads/not-insolvent-yet.428286/page-2#post-3261946 If you do...
  5. ChrisCallaghan

    Seeking £30K Private Loan – Established Creative Business, £500K Turnover

    Hi @FundingSearch , Welcome to UKBF! There are several members here he may be able to assist you. If none come forward, please feel free to DM me - I'd be happy to assess your needs and introduce you to a broker.
  6. ChrisCallaghan

    Ltd Company and Personal Bankruptcy

    Sounds like a great idea.
  7. ChrisCallaghan

    Ltd Company and Personal Bankruptcy

    Completely agree. As always @japancool , thank you for sharing your experiences, and I hope OP takes some comfort from your posts.
  8. ChrisCallaghan

    Ltd Company and Personal Bankruptcy

    As my discussion with Elliot on this thread proved, these types of back and forth aren't helpful to the OP.
  9. ChrisCallaghan

    Ltd Company and Personal Bankruptcy

    Don't mind me and @Elliot Green , just professional back and forth.
  10. ChrisCallaghan

    Ltd Company and Personal Bankruptcy

    Just playing devil's advocate here Elliot.... But what if no one is willing to go on as a director, current director and cannot afford liquidation, and doesn't wish to wait for 3 months (i.e. the time required ro have been ceased to trade before submitting a DS01) before applying to be made...
  11. ChrisCallaghan

    Ltd Company and Personal Bankruptcy

    To be fair to most breweries, in my experience most of the major ones seem to have good procedures in place, such as getting temporary managers in and TUPE-ing the staff. It sounds that will be the case here if OP manges their exit.
  12. ChrisCallaghan

    Ltd Company and Personal Bankruptcy

    Thank you for clarification @pub2000 I stand by my first comments: Yes, you can follow Spongebob's guide to a certain extent, but that you would need to follow the first steps before you apply to make yourself bankrupt and are subject to a directors ban. As helpful as forums like this can...
  13. ChrisCallaghan

    Ltd Company and Personal Bankruptcy

    Good point @Newchodge . @pub2000 , have you talked with the brewery about managing your exit? The timings about what to do with your Ltd and your bankruptcy application will stem from this.
  14. ChrisCallaghan

    Ltd Company and Personal Bankruptcy

    I would love your thoughts on this Elliot! Two opposing problems: 1. A company cannot be left without a director under the Companies Act 2. A bankrupt (who in this case is the sole director I assume) cannot be a director. My practical answer has always been as given to OP. If you cannot...
  15. ChrisCallaghan

    Ltd Company and Personal Bankruptcy

    Personally I would not recommend this. Much better to get the company's affairs in order before you make yourself bankrupt would be considered the sensible approach, even if it's just following the first steps of Spongebob's guide, or taking more formal advice from Business Debtline or a...
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