Recent content by pete_panther

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    Best way to wind up ltd company

    Are there any advantages of using a court appointed liquidator over voluntary liquidating? To me it seems the same except the company saves money by waiting for one to be appointed by the court. Or is that not the case?
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    Best way to wind up ltd company

    Great advice! Having a careful word with our bank definitely sounds the way to go. We currently have about 2 creditors threatening to go to court with another that's already contacted their solicitor. How do we handle any legal action, given that we clearly can't pay a for a solicitor? Do we...
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    Best way to wind up ltd company

    Thank you for all the replies. A lot of very useful information. With regards to the bank loan (£25,000) and money in the bank (£30,000) - both are with the same bank and under the company's name. (As far as I remember the agreement had terms regarding 'off-set' etc.) There's a lot of great...
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    Best way to wind up ltd company

    Hi, My ltd company currently owes (approx.): £25,000 to the bank with a debenture and personal guarantee, £100,000 to creditors And £4,000 to HMRC We have no assets, but have about £30,000 in the bank. We’ve avoided paying anyone anything, informing them that we’re having cash-flow...
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    Order of Creditors

    A few other questions... 1. When we put in the directors' loans we were all a bit rushed and no paperwork was put in place (only a verbal agreement). Does this affect anything? And how can it be rectified? 2. Likewise, some of the money put in came from directors' personal credit cards...
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    Order of Creditors

    Thanks Alan. That's cleared up a few things for me. I'll find someone local to talk to so I can go through things in more detail. Thanks again.
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    Order of Creditors

    Thanks for your reply Alan. We're considering coverting debts to shares, but I'm also trying to get my head around the basics. To clarify, are you saying that technically a person we've loaned money from isn't entitled to their money anymore than the directors are entitled to the money...
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    Order of Creditors

    Thanks for your reply. Therefore is all the money owed to directors themselves also considered to be on an equal 'level' to everyone else? E.g. if we calculated that we could pay 50p to every £1, even the directors would get that same deal and not have to go to the bottom of the list of who...
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    Order of Creditors

    Hi, Thanks for your replies in advance. My company started in last year and was set up to put on an event. We're technically insolvent, based on the balance sheet showing a minus figure but we're currently approaching investors for funding based on the strength of our business idea...
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