help required insolvency brings depression

[douglas61]

I've just had a winding up letter from hmrc. Through no fault of my own customer went bust owing 35k in 2011. Might get
£250 next year. Been battling through and another went pear shaped September this year. Now hmrc have instructed solicitors to publish winding up order in the London Gazette as they wouldn't accept payment plan. What's the next step for me. Now totally depressed.

 

[Bob]

Speak to @Lisa Thomas . She specialises in this area.

 

[Scalloway]

The best step is to move on and let the liquidation take its course.

 

[MOIC]

Accounts to one side, see your GP for medication for your depression.

You need to be strong for the days ahead.

Good luck.

 

[Spongebob]

Take a step back and look at the situation objectively.

What is your personal liability? Have you given personal guarantees to the bank, suppliers, or your landlord?

What assets does the company have? Property, plant and machinery, stock, debtors?

Is there a profitable business there if the debts were taken away? Maybe by scaling down to just the most profitable customers?

Do you want to continue in the same line of business or would you be better off getting a job?

 

[Ian J]

Do you want to continue in the same line of business

Hopefully having learned some hard lessons with the most obvious one being to credit insure your customers so that if they go bust you are insured

 

[Spongebob]

Or even better, to follow a business model which doesn't involve extending credit.

I ve never understood why a supplier should expect to lend money to his customers to enable them to buy from him.

 

[Lisa Thomas]

Hi Douglas - sorry to hear you are having hard times. Its a bit difficult to advise you on the limited information you have provided. It might be that it's best to let the winding up continue but best for you to speak to an IP first to clarify things in case its not the best route for the Company. Happy to talk if you like to discuss in more detail- feel free to call me.

 

[Overmyhead]

I read this post and completely understand your feelings at this time as my business ceased trading in April this year.

Firstly on a practical level the advice of others on here is good from a practical perspective - certainly worth considering having a look at all your options.

In terms of how you 'feel' I can only offer my viewpoint that if you focus on your feeling depressed that's almost certainly how your body/brain will follow suit. Around the time we ceased trading I became irritable, angry, irrational and a right pain in the backside...a bit like a hippo wallowing in negativity!

I started walking and found myself thinking about taking my own life but then started thinking about the mess that would leave behind for my wife and kids....then I started to think about how I could get started again and what lessons I had learned that I could apply to this. Once you start focusing on the future it takes real effort to remain positive and not keep "reverting to type". Apologies if this all sounds a bit "new age" but I can honestly say it marked a turning point in my life and thinking...

You obviously had a good business and although a bit unlucky there is no reason why you can't achieve everything you want...

Best of luck and please do post again as there are people on here who are incredibly generous with their time who will guide and advise you,

 

[Chris Ashdown]

You have been going for some time, so have learnt a lot of skills to be able to start again and overcome this setback

Look where you can save yourself any more hardship over this matter, maybe to late for PG etc but don't fight a battle you are going to loose, spend the time looking for a new opportunity with your knowledge

 

[Lisa Thomas]

This might sound a bit flippant but at the end of the day its just money.... You didn't set out to let the company go and hindsight is a wonderful thing but is exactly that. Once you have tidied up the loose ends I think you will be relieved and will be able to move on. Good luck.

 

[Mark T Jones]

In practical terms, is there any reason why you can't phoenix and buy the assets of the existing business (if there are any) from the receiver?

Learn the big lesson - have a robust credit policy!

 

[J Frost]

Douglas,

I am an Insolvency Practitioner and, sadly you are by no means the first that I have dealt with in the circumstances you describe. The first thing to remember is that HMRC have absolutely no interest in your business surviving. All you are to them is a non delivering source of funds.

That said, you will either have a business capable of surviving or you don't. If you don't then closing the door is the best option. Whether that means simply allowing HMRC to go through the process or using the Insolvency regime is a dependent on the individual circumstances and, if you wish I am happy to talk through the matter over the phone: 0845 260 0101. If you have a business that is capable of success then there are a number of other avenues that can be used. The important matter is establishing a plan and ensuring it is achievable. Again, the devil is in the detail as to the avenue you take.

Very happy to speak with you if you wish.

 

[Normanski]

I've just had a winding up letter from hmrc. Through no fault of my own customer went bust owing 35k in 2011. Might get
£250 next year. Been battling through and another went pear shaped September this year. Now hmrc have instructed solicitors to publish winding up order in the London Gazette as they wouldn't accept payment plan. What's the next step for me. Now totally depressed.

Hi douglas61, My company was wound up just over 2 years ago by a single creditor for a disputed £5k, I did everything that the experts tell you to do, but regardless my business was wound up, even though I could have paid 2 weeks later.
I had a good business, with just the one disputed amount, I had a good team of people that worked for me.
It would take some believing the story I could tell, but in July 2015 after 2 years I got a 'Stay' and had by company back. Unfortunately the IP refused to get off the back off my company until last week when the Judge kicked them off. Even after the 'Stay they tried to claim a further £20k of expenses, which I am glad to say they can not claim but the cost of the original £5k debt has cost my company the following:
£13k in IP fees
£9k in Secretary of State Fees.
£2.3k in OR fees.
£4.5k in legal fees
£5k in the petitioning creditors costs, (which have been fiddled from £850.00 that's another story).
This is all to come out of assets of £45k cash assets.
Whilst in liquidation the IP failed to collect at least £30k in other cash assets.
Its been a hard 2 years, and has shown me the side of the Insolvency service that is best left down in the sewer.
Whilst no one in the Insolvency Service, or the OR cared one iota about the creditors, I can hold my head high and say that the creditors have come out of this with a 100% payment.
People can read this and make their on minds up as to whether I was right wrong or just stupid. By god it does show up what fools creditors are that would rather close you down than be paid.
douglas61, believe me as soon as you are wound up no one gives a damn about you.