My Ltd Company run out of money because ebay close me down - Help Please

[Homer J Simpson]

Okay, firstly I don't think selling on eBay was the biggest problem here. Yes, it would be good to have your own site too, but the traffic eBay generates is phenomenal (I'm no fan of eBay, I hate selling on there, but where else can most of us find that many potential buyers?)

The main problem seems to have been the software you used which caused lots of sales to go through at a loss. Delays around Christmas are to be expected so you should also have made that clear on your listings. Maybe some manual reports/checks that your pricing is right etc would have been good.

Also, of it was all done by drpopshipping, I guess your start up costs were low as you didn't hold lots (if any?) stick. Therefore, starting up again as a new ltd co may be a very good idea. How much start up capital would it take? How long before you saw a profit again? (bearing in mind the time taken to rebuild good feedback).

 

[BarryW]

Hello again

I am just adding to this story.

I sent the letters out as advised.

I dodnt not send one to the inland revenue or the VAT people - may be of should of done.

Any way, as explained in the original story - I am a ltd company 1 man band doing an ebay business that went bust with no assets - we ran out of money.

I wrote letters to the creditors (paypay, ebay, royal mail) offering them to fund a insolvency practioner.

I rang the VAT office today as they were chasing returns. I explained that we ceased trading at the end of march due to insolvency. They then asked about what our prepartions were - and had I read notice 700/56 about Insolvency.

To be honest I am lost as to what I need to do. This notice has too many technical terms, and it seems to be aimed at an administator/liquidator.

Can anyone shine any light as to what I need to do please

 

[Spongebob]

To be honest I am lost as to what I need to do. This notice has too many technical terms, and it seems to be aimed at an administator/liquidator.

Can anyone shine any light as to what I need to do please

You don't really need to do anything, although I would send the standard letter to HMRC by recorded delivery so as to keep everything formal and in order.

The ball is then completely in their court; they may wind your company up, they may not bother. If the latter, it is unlikely that they will object to striking off if you apply to Companies House. Either way, the company will be put out of its misery at negligable cost tro yourself.

Meamwhile, just get on with the rest of your life!