Creditors Voluntary Liquidation - Phone Number

Discussion in 'Insolvency' started by hassecure, Feb 8, 2021.

  1. hassecure

    hassecure UKBF Newcomer

    29 0
    Evening,

    I've got to the position where I believe liquidating my LTD is the only option, due to ever increase debt and costs

    I obviously need to think of life after the company, and my viable option right now is to start us a sole trader. For the LTD company I had a phone line (number) which is a normal residential line but was solely for the purpose on the LTD company.

    The question I have is, can I keep the phone line (number), but obviously remove any reference to the LTD company?

    Thanks
     
    Posted: Feb 8, 2021 By: hassecure Member since: Feb 11, 2017
    #1
  2. Gavin Bates

    Gavin Bates UKBF Big Shot

    735 182
    It will depend on your phone provider and procedures they have.
     
    Posted: Feb 8, 2021 By: Gavin Bates Member since: May 9, 2016
    #2
  3. hassecure

    hassecure UKBF Newcomer

    29 0
    thanks, as far as the phone provider is concerned it’s a residential line. There is no reference to the company with the phone provider
     
    Posted: Feb 8, 2021 By: hassecure Member since: Feb 11, 2017
    #3
  4. Mr D

    Mr D UKBF Legend

    28,599 3,559
    Then if it's your name on the bill it's your line.
     
    Posted: Feb 8, 2021 By: Mr D Member since: Feb 12, 2017
    #4
  5. Lisa Thomas

    Lisa Thomas Business Member

    3,891 552
    Bear in mind that you may continue to get a lot of calls from aggrieved creditors.
     
    Posted: Feb 9, 2021 By: Lisa Thomas Member since: Apr 20, 2015
    #5
  6. JAD2005

    JAD2005 UKBF Newcomer

    1 0
    I am in a similar position about perhaps having a CVL. I have a car on business lease, no PGs, which I believe the Leasing Company will accept back and a BBL of £13250 which starts repayment in May 2021. Work is almost non existent after 10 years of trading.
    Why are the costs charged (cheapest I have been quoted is £1495+VAT) so high and how do Insolvency practitioners expect someone who is considering this CVL to have any funds to pay this huge amount?
    Thoughts anyone?
     
    Posted: Feb 11, 2021 By: JAD2005 Member since: Feb 11, 2021
    #6
  7. Lisa Thomas

    Lisa Thomas Business Member

    3,891 552
    Hi JAD2005

    You really should start your own post. Some posters may not realise this is a new question.

    Usually a Liquidators costs are paid for from the Company's assets (and approved by the creditors or the Court).

    If it doesn't have sufficient costs to pay for Liquidation sometimes Directors will choose to fund the Liquidation personally. Often this is to enable the employees, including directors, to be able to reclaim employment monies from the government Redundancy Payments office scheme.

    If the Company cannot afford either compulsory or voluntarily Liquidation then often dissolution without Liquidation would apply.

    See here:

    https://www.gov.uk/strike-off-your-company-from-companies-register

    The costs are high because its a specialist area of work and there is a massive amount of statutory and general work that the Liquidator has to carry out to fulfil their duties.

    FYI £1,500 is cheap for a CVL! Are you certain that was not for a Compulsory Liquidation?
     
    Posted: Feb 11, 2021 By: Lisa Thomas Member since: Apr 20, 2015
    #7
  8. Mr D

    Mr D UKBF Legend

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    5 years back I was looking at £8k for a CVL. For a small company.
    Could have been payable, just was not recommended to us. And that fee payable whether a CVL is agreed with creditors or not.

    A CVL allows the company to keep trading. Perhaps that makes a difference.
     
    Posted: Feb 11, 2021 By: Mr D Member since: Feb 12, 2017
    #8
  9. Lisa Thomas

    Lisa Thomas Business Member

    3,891 552
    A CVL does not allow the company to keep trading Mr D, perhaps you are thinking of Administration?
     
    Posted: Feb 15, 2021 By: Lisa Thomas Member since: Apr 20, 2015
    #9
  10. Mr D

    Mr D UKBF Legend

    28,599 3,559
    Hmmm.... CVA maybe? Wrong end of the keyboard.
     
    Posted: Feb 15, 2021 By: Mr D Member since: Feb 12, 2017
    #10
    • Thanks Thanks x 1
  11. JEREMY HAWKE

    JEREMY HAWKE Full Member
    Verified Business ✔️
    Business Member

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    As far as phone lines cars and other rented items .
    The companys probably dont care as long as the bill is paid each month
     
    Posted: Feb 16, 2021 By: JEREMY HAWKE Member since: Mar 4, 2008
    #11
  12. Lisa Thomas

    Lisa Thomas Business Member

    3,891 552
    Ah yes, that would make sense!
     
    Posted: Feb 16, 2021 By: Lisa Thomas Member since: Apr 20, 2015
    #12