- Original Poster
- #1
My company is to enter into a CVL and I signed the IP company's letter of engagement, the shareholder's meeting notes where the company agreed to enter liquidation (which was just me as I am the Director and only shareholder) and have been sent a link today to their onboarding software to fill in all the details about the current position of the company. Nothing here has been filled out yet.
I sold online only through 2 online marketplaces and have 90 open orders to fulfil and am in a panic here as if I don't fulfil them, the marketplaces will shut me down permanently. They are my only source of income so am trying to avoid this at all costs as I need to continue trading through them as a sole trader.
I ceased trading today.
The trouble is as follows;
1. I pay RM through Paypal for my postage (pay as you go basis) but the money for orders that I have fulfilled and posted out Monday and Tuesday doesn't leave the company bank account until tomorrow which I cannot stop from happening. Will I be in trouble for paying this money out to cover my postage costs that I paid through Paypal? Should I have ceased trading earlier and will I be in trouble for this? I decided to look into liquidating on Monday and started the ball rolling with the IP on Monday enquiring how to engage with their services.
2. I have to buy postage again for the current 90 open orders. My Mum has kindly said she will cover this cost for me so as to not further take from the company's assets. Will this satisfy the liquidator?
Will the above mean me doing anything that can lead to a prison sentence due to wrongful trading? I normally don't ask such silly questions on an open forum but the IP I'm using isn't open to ask and between having to negotiate the HMRC field force agent trying to seize the assets and the IP try to get to them first and losing my only income source has left my mind in a fuddled panicky mess. And we all know how things at night seem far worse than in the morning.
Any advice would be much appreciated.
I sold online only through 2 online marketplaces and have 90 open orders to fulfil and am in a panic here as if I don't fulfil them, the marketplaces will shut me down permanently. They are my only source of income so am trying to avoid this at all costs as I need to continue trading through them as a sole trader.
I ceased trading today.
The trouble is as follows;
1. I pay RM through Paypal for my postage (pay as you go basis) but the money for orders that I have fulfilled and posted out Monday and Tuesday doesn't leave the company bank account until tomorrow which I cannot stop from happening. Will I be in trouble for paying this money out to cover my postage costs that I paid through Paypal? Should I have ceased trading earlier and will I be in trouble for this? I decided to look into liquidating on Monday and started the ball rolling with the IP on Monday enquiring how to engage with their services.
2. I have to buy postage again for the current 90 open orders. My Mum has kindly said she will cover this cost for me so as to not further take from the company's assets. Will this satisfy the liquidator?
Will the above mean me doing anything that can lead to a prison sentence due to wrongful trading? I normally don't ask such silly questions on an open forum but the IP I'm using isn't open to ask and between having to negotiate the HMRC field force agent trying to seize the assets and the IP try to get to them first and losing my only income source has left my mind in a fuddled panicky mess. And we all know how things at night seem far worse than in the morning.
Any advice would be much appreciated.
