Hi, new to this forum but have been reading over the last few weeks and I must first say thank you for all the good people on this forum who are giving up their time in order to give others sound practical advice to people like myself who find themselves in desperate situations... My company has been trading for a few years alongside a bigger company known as X for the purpose of this thread. The Director of the bigger company is also a 50% shareholder and business partner of my company, although he relinquished the directors role back in 2013. His company has gone into liquidation which has severely affected mine as we were getting 80% of our work through X. To add to the injury, he advised me if this at the very last minute leaving me in a complete state of limbo as to how to proceed.. (he had known about this for the last 3 years..I now know). The split of responsabilities was straight forward; I was looking after the day to day running of contracts and bringing new work in, he looked after the financial side. Alongside advising me if his company's affairs and the effect this was going to have on mine, he also told me that we owed HMRC pack payment in Vat and paye amounting to around 15k.... I have been trying since (February 2016) to fill the gap and put us back on the map but his company also owed us 40k which I will never see again and although I have also let 2 employees go and stop myself taking a wage for the last 3 months, I now at the end of this road. I have just received debt recovery letters from a company on behalf of HMRC.. Is the spongebob plan my best option? Overdraft is 10k currently overdrawn at 5k, work has completely dried out except for a tiny amount and my directors account is in the positive.. Really don't know what else I can do..