Insolving company

Discussion in 'Insolvency' started by Moles123, Dec 7, 2018.

  1. Moles123

    Moles123 UKBF Newcomer Free Member

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    evening,

    Just need some advice please.

    Husband and I ran a Limited Company which dealt with audio/ tv company which didn't work out. We haven't traded since February and want to get rid and put it al behind us.

    Our accountants were useless and totally let us down. They didn't submit our returns as requested and HMRC also started to send letters making demands and passed it on to a collector. That totals £590 but when we last spoke to the accountants we were at logger heads as they said we owed HMRC anywhere between £1000- £9000.

    We also owe probabaly about £800 to other companies but simply put, we don't have the money to pay it.

    Our bank contacted us and said they are going to close our business account. They went ahead and did that on November 15th. They've sent a letter asking for the £250 we owe. I said we were looking to dissolve the company to which said 'we can't chase the money being a limited company' is that correct?

    Will filled in and submitted a DS01 form. Companies house have accepted and listed it in the Gazette which an end date of February 4th 2019.

    My questions are: what am I meant to do now? Send a copy of my letter to the people I owe money to showing that we are dissolving the company or do we keep quiet and where it's a limited company with no assets, they can't come after anything?

    Thanks in advance for your help.
     
    Posted: Dec 7, 2018 By: Moles123 Member since: Dec 7, 2018
    #1
  2. Mr D

    Mr D UKBF Legend Free Member

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    You notified each creditor when you did the DS01.

    You can respond to each creditor who contacts you since demanding money with 'the company has ceased trading and has no assets'.

    Anyone you have a personal guarantee with will chase you personally for money, otherwise just wait to see if anyone objects to the dissolving of the company (often HMRC). Probably dissolved later in February if no one objects.
     
    Posted: Dec 7, 2018 By: Mr D Member since: Feb 12, 2017
    #2
  3. Gavin Bates

    Gavin Bates UKBF Enthusiast Free Member

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    Hi

    In truth you should have sent the form to all your creditors in the first place. It is likely HMRC will object as that is there standard policy.

    Regards

    Gavin
     
    Posted: Dec 7, 2018 By: Gavin Bates Member since: May 9, 2016
    #3
  4. Moles123

    Moles123 UKBF Newcomer Free Member

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    Ok thanks, where I haven't sent the form to HMRC, is there any benefit to sending it now or shall I keep quiet and see what happens first?

    If they object, what happens next as we don't have the money to pay it?

    We have no personal guarantees either, just HRMC, the bank as mentioned and a few hundred £ to the accountants
     
    Posted: Dec 7, 2018 By: Moles123 Member since: Dec 7, 2018
    #4
  5. Gavin Bates

    Gavin Bates UKBF Enthusiast Free Member

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    Hi

    I would notify HMRC now.

    It will be struck off sooner or later

    Regards

    Gavin
     
    Posted: Dec 7, 2018 By: Gavin Bates Member since: May 9, 2016
    #5
  6. Blaby Loyal

    Blaby Loyal UKBF Ace Full Member

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    Send the DS01 to ALL the people the company owes money to. It should say somewhere in the DS01 guidance notes from Companies House or on the DS01 itself that you ought to have done this within seven days of filing the DS01 at Companies House.

    As Gavin Bates has mentioned in this Thread, HMRC are likely to object to the strike-off but 99% of the time this is a procedural thing and not indicative that your company has been singled out for anything untoward.

    Companies House won't allow the objection to remain valid forever. If HMRC (or any creditor who objects) doesn't do something along the lines of liquidating the company then Companies House will simply start the strike-off process again. This is automatic - you won't have to submit another form.

    As Gavin also says, the company will be struck off sooner or later.

    If you have not given a personal guarantee to the bank then don't let them bully you into thinking otherwise.

    This sounds like a disappointing experience for you so time to move on with life I think.
     
    Posted: Dec 8, 2018 By: Blaby Loyal Member since: Jun 12, 2018
    #6
  7. Moles123

    Moles123 UKBF Newcomer Free Member

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    Thanks for the replies.

    So I’ll send the DS01 form to who the buisness owes money.

    Which do I sent, the letter we signed and sent to companies house or the acknowledgment letter they put online.

    What happens if I don’t send them?

    I’ll do the same to HMRC but what do I then do when they object? Wait and it drops off anyway or do I have to submit another DS01 form?
     
    Last edited: Dec 8, 2018
    Posted: Dec 8, 2018 By: Moles123 Member since: Dec 7, 2018
    #7
  8. Moles123

    Moles123 UKBF Newcomer Free Member

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    Sorry to bump but just want re-confirmation

    I’ve contacted CCS who HMRC passed debt onto and told them about the DS01 and they’ve said that’s fine and they’re passing back to HMRC.

    What do I actually have to do when HMRC objects? Do I have to resubmit anything or argue anything or leave it to eventually drop off?
     
    Posted: Dec 10, 2018 By: Moles123 Member since: Dec 7, 2018
    #8
  9. Blaby Loyal

    Blaby Loyal UKBF Ace Full Member

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    Just let it take its course.

    There is nothing further you can do.
     
    Posted: Dec 10, 2018 By: Blaby Loyal Member since: Jun 12, 2018
    #9
  10. Moles123

    Moles123 UKBF Newcomer Free Member

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    Ok thank you.

    I know we are talking pennies compared to some on this forum but I just want to do it properly.

    I’ve informed our terrible accountants too of the DS01 and that we have no means or assets to pay them either.

    We’ll see what happens
     
    Posted: Dec 10, 2018 By: Moles123 Member since: Dec 7, 2018
    #10
  11. Moles123

    Moles123 UKBF Newcomer Free Member

    9 0
    Morning

    I need further help.

    There was an objection to us striking off the business. I went to companies house to find out who but after 3 weeks we are still not sure who.

    I assume it's HMRC and after a discussion with them, they say it could be them but wouldn't confirm. They say there are a ton of VAT returns going back from April 2017 which wasn't submitted and their guesses currently show we owe over £3k to date. Half of that we were not trading which I guess would half that amount.

    They've told me to write a letter to them with an VAT7 de-register form and explain that our accountants haven't played ball and confirm that the business wasn't trading from February 2018.

    Should I go ahead and do this and send to HMRC or do I still just do nothing in the hope the company dissolving continues. Both companies house and HMRC don't seem to think anything will happen until I've dealt with it
     
    Posted: Feb 8, 2019 By: Moles123 Member since: Dec 7, 2018
    #11
  12. Blaby Loyal

    Blaby Loyal UKBF Ace Full Member

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    Do nothing. See if HMRC write to you about it. If they do, deal with it then. If they don't, Companies House will strike the company off eventually.

    You shouldn't have called them.
     
    Posted: Feb 8, 2019 By: Blaby Loyal Member since: Jun 12, 2018
    #12
  13. Moles123

    Moles123 UKBF Newcomer Free Member

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    I only called because Companies House said if i do nothing and it is HMRC, they will just holt the striking off again.

    I also didn’t want the amount owed to HMRC to keep rising if we haven’t even been trading or a year.

    They’ve said that if the people who have blocked the striking off haven’t come forward by 5th April, then the strike off continues
     
    Posted: Feb 8, 2019 By: Moles123 Member since: Dec 7, 2018
    #13
  14. Moles123

    Moles123 UKBF Newcomer Free Member

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    OMG, what a conincidence.

    As I’m typing the previous message I get an email from companies house about the objection. It’s not HMRC but our accountants.

    That’s going to make it harder to close down now :(
     
    Posted: Feb 8, 2019 By: Moles123 Member since: Dec 7, 2018
    #14
  15. Gavin Bates

    Gavin Bates UKBF Enthusiast Free Member

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    Hi

    Either way, sooner or later Companies House will strike the Company off the register. You don't need to fill in VAT returns at this stage.

    Regards

    Gavin
     
    Posted: Feb 8, 2019 By: Gavin Bates Member since: May 9, 2016
    #15
  16. Mr D

    Mr D UKBF Legend Free Member

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    What is the accountants going to do? Debt collection won't achieve anything, winding up the business will cost them money for probably no return. Annoying you is a bonus but won't be forever.
    Companies house eventually will not bother with objections and shut the company.
     
    Posted: Feb 8, 2019 By: Mr D Member since: Feb 12, 2017
    #16
  17. Blaby Loyal

    Blaby Loyal UKBF Ace Full Member

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    + 1
     
    Posted: Feb 8, 2019 By: Blaby Loyal Member since: Jun 12, 2018
    #17
  18. Moles123

    Moles123 UKBF Newcomer Free Member

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    Do just keep quiet and wait for the strike off to continue on the 5th April.?

    Should I do anything if they argue the strike off again?

    They posted us a bill late last year of what was outstanding (£380) but nothing since they put in they argued the strike off
     
    Posted: Feb 8, 2019 By: Moles123 Member since: Dec 7, 2018
    #18
  19. Blaby Loyal

    Blaby Loyal UKBF Ace Full Member

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    Forget about it. Let it run its course with Companies House.
     
    Posted: Feb 8, 2019 By: Blaby Loyal Member since: Jun 12, 2018
    #19