LTD company

Discussion in 'Insolvency' started by Steve Robbo, Dec 20, 2019.

  1. Steve Robbo

    Steve Robbo UKBF Newcomer Free Member

    1 0
    Morning myself and my wife are directors on a ltd company, which has been trading since 2014 .
    Up till last Christmas work was fine and all debts were paid hmrc and corporation tax for 2018 since then it’s been very hit and miss working 30 days since then .
    We have been taking a small amount to live on weekly from the business account to where it’s now got to a stage that there are very little funds left .
    my question is what steps shall I take as our accountant now refuses to speak .
    The business has no assets .
    But I’m certain I owe hmrc ect .
    Can I just close down the ltd company.
    Can my personal belongings be taken to pay monies owed .
    I have googled over and over again with no clear direction hence my asking here
    Posted: Dec 20, 2019 By: Steve Robbo Member since: Dec 20, 2019
  2. Mr D

    Mr D UKBF Legend Free Member

    22,762 2,737
    Posted: Dec 20, 2019 By: Mr D Member since: Feb 12, 2017
  3. Lisa Thomas

    Lisa Thomas UKBF Enthusiast Free Member

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    It sounds as if dissolution might be the best route for the Company based on the circumstances you have described (referred to in the spongebob plan Mr D has referred to) but you should take advice from an Insolvency Practitioner to check beforehand.

    Having said that how have your drawings been treated? If as a wage, properly taxed, then there should be no issue but if not then you may well owe the Company an overdrawn Director Loan Account or unlawful dividend.

    The repayments might be sufficient to cover the costs of Liquidation.
    Posted: Dec 20, 2019 By: Lisa Thomas Member since: Apr 20, 2015
  4. Mr D

    Mr D UKBF Legend Free Member

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    Great. How does that help the OP?

    Free insolvency?
    Posted: Dec 23, 2019 By: Mr D Member since: Feb 12, 2017