DS01 and personal guarantee bank overdraft LTD company

[sambee]

Hello and so pleased I found this forum. Hoping someone can please offer me advice...have had a good read of the spongebob plan and will likely follow this procedure.

I have recently left the UK and my business hasn't traded for over two months. I have an existing business overdraft of 10k (personal guarantee) along with a 2k commercial card - both at max capacity with a bank. I have no other debts.

Questions as follows: Should I complete the DS01 online with companies house and write to my bank to let them know the situation and that I am no longer living in the UK and have no means to pay? I have a PO box, do you think they might accept this as forwarding address? Should I inform HMRC that I am now in Australia? My current registered address in the UK at my accountants premises. All my paperwork etc is up to date and all accounts submitted.

Many thanks and hope this makes sense...been losing sleep over the best way to proceed.

 

[Gavin Bates]

Hi

First of all, as suggested by the Sponge Bob you need to write to your creditors and keep them that you have ceased to trade etc.

You can't file the DS01 until the Company has ceased to trade for at least 3 months but can so after that.

You have mentioned that you have a personal guarantee with the bank and as you have left the country I am not what they will do. but at the very least that debt is live for at least 6 years (statutory time limit) if you return to the UK.

Regards

Gavin

 

[sambee]

Thank you for your reply Gavin...much appreciated.