insolvency

  1. heidthebaw

    Spongebob Plan with corporation tax and director's loan account

    I am the sole director of a limited company based in Scotland and I owe around £70k in corporation tax. In addition to this, my director's loan account is sitting at £30k and I owe around £60k in personal income tax. I have spoken with Business Debtline who have essentially given me the same...
  2. B

    Insurance after insolvency

    Hello We are having real trouble in finding insurance for both property and other business liability having gone through a liquidation process. We have to declare our liquidation to our insurers. We found three brokers we have had policies with but its getting harder and harder. Does anyone have...
  3. L

    IVA vs Bankruptcy After Business Liquidation — Advice Needed

    Hi all, I'm looking for advice and personal experiences from anyone who's been through either an IVA or bankruptcy, particularly after a business has entered liquidation. I’ve had two businesses - one retail and one e-commerce - both of which have recently gone into liquidation. While they...
  4. H

    Compulsory Winding Up - Should I ask for this?

    Thank you in advance for reading this, I’ve read a lot of threads on here over the last few months and I appreciate those who give their advice. I have run a limited company for the last 7 years but have reached the end of the road and I quite literally don’t know where to turn next. My...
  5. T

    Paying staff during an insolvency

    Hey, I'm unfortunately faced with having to wind my company up and I'm trying to work out what to do over the next few days/ weeks. I owe money to hmrc, a Bounce Back Loan and we're a few thousand pounds into an overdraft. No personal guarantees. No trade creditors. I have enough cash in the...
  6. V

    Company Directors in trouble with liquidator

    Any company directors here who have had a bad experience with a liquidator? I am dealing with very difficult situation liquidating my limited company which stopped trading during the pandemic. I think I was scammed by the liquidator who didn’t explain the process of Creditors Voluntarily...
  7. maxheadroom

    Bounce Back Loan Advice Needed

    In May 2020, I applied for a £15,000 Bounce Back Loan, which was approved instantly. The funds were used primarily for lead generation as business had slowed due to the pandemic. Unfortunately, this strategy didn’t work, and despite my best efforts, I had to cease trading in November 2020. In...
  8. W

    Utter panic and dread. Please help.

    Hello, I’m really hoping somebody can help me. I have a Ltd company with three directors. Me being one. No staff as we made them redundant earlier this year. I believe the company is insolvent. We have started defaulting on payments. Managing to delay and pay as much as we can but I think we are...
  9. S

    PLEASE HELP, COMPANY INSOLVENT AND NEEDS TO CLOSE

    So this is a horrible post to write, basically our company has failed with DLA debt and has been unable to pay its taxes/BBL. It has no money, we have no money and are obviously terrified of the consequences. In terms of drawings my husband hasn’t taken anything since the moment he found out it...
  10. L

    Person Guarantee Success Stories

    Hi there I’m on the verge of liquidating a company which has 50k of personal guarantee debt with IWoca, Capital on Tap and my bank. The sleepless nights have completely kicked in and I don’t know what to do re my personal guarantees. The business itself I have run well (in terms of have ran it...
  11. H

    Advice on next steps, business insolvency and imminent closure with significant PG's

    Dear members, This is my first post, though I have followed threads and gained great insight on this helpful platform. I hope I could ask for your thoughts on my best approach in preparing for a lot of personally guaranteed debt to be called in imminently. My products business of 9 years...
  12. D

    Winding up petition served

    Hello, My limited company has been served with winding up petition by HMRC for a debt of over £230K. I want to take advise how should I respond to it. Date is set for mid July. Company has outstanding BBL of approx £25k (original amount £32K). There is a DLA of approx £150K. Please guide me...
  13. Joining as a director: a guide to due diligence and risk management

    Joining as a director: a guide to due diligence and risk management

    When Airport_Rover was asked by the shareholders of a struggling company to become a temporary director, he came to UK Business Forums to ask in this thread for advice on whether it was something he should agree to. Although the general sentiment was that bringing in a Turnaround Specialist was...
  14. rjwbailey

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

    I know there have been a lot of threads on insolvent companies with outstanding Bounce Back Loans, which have been very helpful to my thought process, so firstly thank you! My own situation is that I have a small ltd co with approx £15k left on a £22k BBL. It has been limping along since COVID...
  15. J

    Goodwill purchase from liquidating company

    Hi all, I’m looking to buy the assets - including the goodwill - from the liquidator of a competitor company (“old co”) which entered liquidation a month ago My concern is that the director of old co has been trading that entity since late 2023 using another company she also owns (“new co”)...
  16. L

    Help Needed Re A Potential Fraud

    I am new to this forum and would please ask for forgiveness if I’ve posted this in the wrong place. I genuinely need advice. An online company for whom we made a quarter of a million dollars for in closing their leads - for diverted funds abroad and has avoided paying us our full...
  17. A

    Insolvent directors asking for equipment return

    Hello! Ok so I am not a business owner directly involved in the company I am enquiring about about here, but I was an employee with the company in question… The company I worked for has been placed in insolvency recently. My employment contract terminated, no salary pay for the month, or...
  18. Exploring the complexities: Assessing the risks and benefits of buying a company in administration

    Exploring the complexities: Assessing the risks and benefits of buying a company in administration

    The acquisition of a company in administration presents a unique set of opportunities and challenges for the discerning business investor. This article aims to provide a comprehensive overview of the potential benefits and risks associated with such a venture, including crucial aspects like the...
  19. A

    Can liquidators claim for POs that were never invoiced?

    Hi there, This may be a very obvious question but I cannot find a clear answer to it. My supplier (of a service) has gone into liquidation. We had issued a PO against an estimate of theirs and they worked on a digital project with us. There are no physical items that changed hands. The...
  20. B

    Issues with liquidator

    Hello! I wonder if anyone here experienced similar situation when closing a limited company? I entered into CVL about 2 years ago, due to COVID pandemic. I appointed a liquidator who explained how the debts will be written off. I paid his fees (£6k). But after several months of signing up with...
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