Recent content by Spongebob

  1. Spongebob

    Spongebob or IP?

    If the company has already ceased trading why is your accountant putting together any accounts? Who is going to pay him for this work? You say the company has reserves of £35k but no cash. I don't understand.
  2. Spongebob

    New to this - CVL? Other options?

    My accountant would most certainly not have filed any accounts showing a sudden £40k overdrawn DLA. Did yours?
  3. Spongebob

    Liquidate a company.

    It certainly isn't "chicken". The biggest regret most directors of companies closing down have is that they didn't do it years earlier!
  4. Spongebob

    Spongebob/Ltd Co Insolvency Questions..

    That is unlikely to work as there is £8k outstanding on a Bounce Back Loan. An objection will automatically be raised against any voluntary strike off. I would simply write to the creditors explaining that the company is insolvent and has no realisable assets. Invite the creditors to wind the...
  5. Spongebob

    Bounce Back Loan Advice Needed

    There are tens of thousands of small companies with bounce back loans that are now insolvent and have ceased trading. Under normal circumstances they would have been struck off by Companies House years ago, but since the pandemic the government has not allowed this to happen. If the government...
  6. Spongebob

    Compulsory Strike off query

    Plenty of companies are incorporated and then abandoned to dissolution without ever having traded. It is not necessarily suspicious to have had a few companies dissolved. Failure to submit a Confirmation Statement is the normal reason for Companies House striking off a company - it happens...
  7. Spongebob

    Bounce back loans what is happening stuck in limbo

    It would appear that Companies House is under instructions from the government not to allow the informal dissolution of any company which has an outstanding Bounce Back Loan. The fact that the bank has been paid in full under its government guarantee would seem to be irrelevant. My guess is...
  8. Spongebob

    Struggling Small Business with BBL

    i have never heard of Companies House taking any action against companies not filing returns in such circumstances - other than dissolving them! Anyway, there is nothing to stop directors of an insolvent company "in limbo" from resigning. There would then be nobody to file any returns.
  9. Spongebob

    Struggling Small Business with BBL

    The Spongebob Plan is not a "dissolution plan". The primary objective of the Spongebob Plan is bring about the orderly liquidation of an insolvent limited company where there are insufficient realisable assets with which to appoint an insolvency practitioner. This involves inviting creditors...
  10. Spongebob

    Review by 'Spongebob' in 'Is the Spongebob Plan pants, or a fair and square way to close a company if you’re skint?'

    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...
  11. Spongebob

    Closing Ltd company with outstanding BBL - have I 'misused' it?

    https://www.ukbusinessforums.co.uk/threads/closing-a-limited-company-wth-insufficient-funds-with-which-to-pay-an-insolvency-practitioner.316523/
  12. Spongebob

    Struggling Small Business with BBL

    The Spongebob Plan has proved to be the perfect way of dealing with a Bounce Back Loan owed by an insolvent company.
  13. Spongebob

    Struggling Small Business with BBL

    https://www.ukbusinessforums.co.uk/threads/closing-a-limited-company-wth-insufficient-funds-with-which-to-pay-an-insolvency-practitioner.316523/
  14. Spongebob

    £450k owed, insolvency, court date, options?

    Bankruptcy is only "difficult" if one has personal assets such as equity in a family home. For a director of an insolvent company in a rented or heavily mortgaged home with an overdrawn DLA, personal guarantees to the bank and the landlord, and credit card debts in his own name bankruptcy can...
  15. Spongebob

    £450k owed, insolvency, court date, options?

    Very few IPs ever recommend bankruptcy, because there is no profit in it for them. Stepchange actively dissuade people from pursuing bankruptcy, even when it is clearly in the debtor's best interests. I am happy to offer advice on bankruptcy, as someone who has experienced it. From what he has...
See more
Top Bottom
Community
Articles
Menu