I have the following situation and I am not sure what is the best to do: - Company is insolvent with approx £30,000 debt (£14,000 to HMRC for VAT, £6500 Employer NI, PAYE/NIC, £3000 to trade creditor and £6500 to credit cards/loans). - DLA overdrawn for £28,000 - Owner and two employees, related parties (all family) - Lots of cash withdrawals, mixing personal and business accounts, sometimes salaries paid in cash, although RTI done regularly by the accountant. - Not charged VAT first year of trade, agreement with HMRC to pay in instalment, was paying regularly for about a year, then cashflow problem caused HMRC direct debits to bounce. - I took personal loan to clear some of company debts at very high APR (almost 50%) Company is insolvent and cannot trade. No assets (old van and few tools is all) Personal debts £40,000, no assets (renting, car on HP). If I could get rid of company debts and DLA and get delay (lets say IVA) on personal debts for 6 months, I could probably start over and manage affairs better. But would this be possible? Accounts will be due next month, but no money to continue to pay accountant I could try Spongebob plan, but HMRC would object? No money to liquidate. What are my options? What's the best and the worst that could happen to me?