Recent content by Overmyhead

  1. O

    Help please, Insolvancy question

    Hi Diane, I noticed in your post you mentioned it was a franchise business? Depending on what's in your franchise agreement you may find the Spongebob plan isn't suitable for your needs. Is there anything in the agreement about insolvency or ceasing to trade? I think I'd suggest taking a look...
  2. O

    Electrical Wholesaler in deep water

    Having been involved with a company that went down the liquidator route (admittedly many years ago) please take care when appointing one - there are some excellent ones and some downright charlatans out there... I'm sure the friendly ones on here will be happy to give some initial advice but the...
  3. O

    Insolvent company owes me £10k - will I see any of it

    Apologies if I have misunderstood - the Directors appoint the liquidator and if I've understood the process then guarantee their fees? At that point the liquidators represent the creditors of the company and investigating the conduct of the Directors - surely there is a conflict of interest...
  4. O

    Insolvent company owes me £10k - will I see any of it

    But if the company/directors appoint a 'friendly' liquidator isn't that a little like expecting turkeys to vote for Christmas? Please don't think I'm disparaging liquidators in general or their role in insolvency but the original poster could follow the 'official' process and get nothing or be a...
  5. O

    Insolvent company owes me £10k - will I see any of it

    To the letter of the law you are correct as always Lisa however in my experience there are a number of circumstances in which Directors can be 'pursuaded' to offer a payment in full and final settlement to avoid potentially unwelcome attention from other creditors/HMRC and other bodies hence my...
  6. O

    Insolvent company owes me £10k - will I see any of it

    What were the circumstances around the debt - how long have they been a customer, have they always paid on time, what did you supply? Is this a genuine insolvency or are the owners/directors planning on shutting down the old company and starting again afresh? Have they got any skeletons in the...
  7. O

    Looking at options Under declared VAT maybe company shut down

    Not necessarily - not all business have customer contracts (a hairdressers for example?). If the company has any existing clients/contracts then kulture is correct of course but if not there isn't any 'goodwill' as such so far as I can see?
  8. O

    Advice needed

    Firstly sincere condolences to you - a truly awful situation. I'm far from an expert but given the relatively small sums involved I would be inclined to put the funds to one side and keep them safe until the dissolution. I also think your accountants suggestion re a newco seems eminently...
  9. O

    Director relationship breakdown

    I was involved with a similar problem many many years ago....I set up a business (50/50) with a friend and it all went horribly sour (he stopped working, returning calls from me and clients and generally just gave the impression he didn't care what happened).... What you do will depend on if...
  10. O

    Ceased trading but things unravelling....

    Sorry for the logn delay in updating but I noticed today that according to Companies House the company is now dissolved... I'm extremely grateful to Spongebob for his original thread (where do I send the beer tokens?) and for all those who took the time and trouble to respond to my numerous...
  11. O

    help required insolvency brings depression

    I read this post and completely understand your feelings at this time as my business ceased trading in April this year. Firstly on a practical level the advice of others on here is good from a practical perspective - certainly worth considering having a look at all your options. In terms of...
  12. O

    Ceased trading but things unravelling....

    Thanks for the replies both much appreciated...I guess I have 2 options and either wait for things to run their course or send out the DS01 forms and see what happens... I think my biggest worry is the risk of being personally prosecuted rather than the company incurring financial...
  13. O

    Ceased trading but things unravelling....

    Thanks Scalloway - in terms of letting creditors know should I send all 3 pages of the DS01 and the Spongebob letter to each? Should this be by post or email? Apologies for endless questions but the information on the CH website doesn't make it completely clear?
  14. O

    Ceased trading but things unravelling....

    Hi All, Firstly I have to put my hands up and apologise for not having updated this thread. Since ceasing trading and the initial fall-out with some creditors I have pretty much let things run their course up til now. I have received a reminder from CH addressed to the company that the...
  15. O

    Ceased trading but things unravelling....

    Hi All, Just a further update - my 3 months since ceasing trading is next week. I received a Statutory Demand under section 123(1)(a) from a supplier this week. Am I right in thinking I should proceed with filing the forms with Companies House in the meantime and see what develops? Should every...
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