- Original Poster
- #1
Hello again
My limited company is going through the process of being made insolvent. The meeting of creditors has taken place, and the insolvency was 'approved'. From my understanding, the next step is negotiations with the IP about what I need to pay.
There is only one creditor - HMRC. The company owes them around £18K in CT. Because that figure wasn't in the company account (due to a number of horrible circumstances in 2015, not least my last client going into administration owing me 9K and me being out of work for two months), it's been taken down as a director's loan (just less than that, actually), and it's that which I'll have to repay.
My wife and I rent and have never owned a house. We don't have any savings, and our only income is my full time job, and my wife's 2.5 days a week part time job, which is all she can do as we have two small children (under 6 years old). I know this for sure - we don't have any money that we can use as a settlement figure (unless, perhaps, I get some money from the Redundancy Payment Service which would be, at the *very* best, 4K). So anything that we could find would be paid at the end of every month, for God knows how long.
I'm really quite stressed about the future, and so my question is this - how much 'power' or say do I have in these negotiations? Is this really a negotiation, or will they just come up with a figure that satisfies them and and ask me to pay a sum every month until that comes to an end? Is there any chance at all of having this written off, as it's not worth their while, or saying something like "I can give you every penny of whatever I get from the RPS, but can't do much more than that"?
How does this work?
Thanks in advance.
My limited company is going through the process of being made insolvent. The meeting of creditors has taken place, and the insolvency was 'approved'. From my understanding, the next step is negotiations with the IP about what I need to pay.
There is only one creditor - HMRC. The company owes them around £18K in CT. Because that figure wasn't in the company account (due to a number of horrible circumstances in 2015, not least my last client going into administration owing me 9K and me being out of work for two months), it's been taken down as a director's loan (just less than that, actually), and it's that which I'll have to repay.
My wife and I rent and have never owned a house. We don't have any savings, and our only income is my full time job, and my wife's 2.5 days a week part time job, which is all she can do as we have two small children (under 6 years old). I know this for sure - we don't have any money that we can use as a settlement figure (unless, perhaps, I get some money from the Redundancy Payment Service which would be, at the *very* best, 4K). So anything that we could find would be paid at the end of every month, for God knows how long.
I'm really quite stressed about the future, and so my question is this - how much 'power' or say do I have in these negotiations? Is this really a negotiation, or will they just come up with a figure that satisfies them and and ask me to pay a sum every month until that comes to an end? Is there any chance at all of having this written off, as it's not worth their while, or saying something like "I can give you every penny of whatever I get from the RPS, but can't do much more than that"?
How does this work?
Thanks in advance.
