Overdrawn DLA in liquidation but Director already in personal DAS

Discussion in 'Insolvency' started by Angela1, Mar 4, 2020.

  1. Angela1

    Angela1 UKBF Newcomer Free Member

    2 0
    Hi, was looking for some advice.

    A wind up petition was granted to liquidate my Ltd company by HMRC. I owe approx 70k to them for Corporation Tax & VAT. I have an overdrawn DLA which is approx 32K which i think the liquidator will pursue me for. Company has no assests and I have also suffered personal financial difficulties and am in a Debt Arrangement Scheme in Scotland. The only asset I have is the family home which is mortgaged in my name only. Remortgaging is not an option as I recently did that to pay a huge self assessment bill. House is worth 370K and mortgage is 280K.

    Can I be pursued by the liquidator even if I am in a DAS? I really don't want to lose my home. Do I have enough equity in my home to make the liquidator pursue me?

    I have contacted my money adviser that set up the DAS for advice but not heard back from them yet and just wondered if anyone on here has a similar experience or could offer some advice?

    I also believe I might be entitled to claim Director redundancy but don't know enough about this which if a claim is successful could go towards reducing the DLA.

    Help!
     
    Posted: Mar 4, 2020 By: Angela1 Member since: Mar 4, 2020
    #1
  2. Lisa Thomas

    Lisa Thomas UKBF Enthusiast Free Member

    3,486 436
    Hi Anglea

    I'm sorry but I don't know about DAS in Scotland but I think they might be similar to English IVAs.

    Hopefully your Trustee will be able to provide you with the answer.

    The date the DAs started and date the DLA was incurred might be critical.

    Yes you can make a claim for redundancy but in England the Redundancy Payments Office have begun offsetting the funds and effectively snaffling them if the Insolvency Services are owed any monies so it might be academic.

    When did the Liquidation start? Have you had an interview with the Official Receiver yet?
     
    Posted: Mar 4, 2020 By: Lisa Thomas Member since: Apr 20, 2015
    #2
  3. Angela1

    Angela1 UKBF Newcomer Free Member

    2 0
    Hi Lisa - thanks for the reply.

    The winding up order was dated 18th Feb but the liquidation date is 22nd Jan. I've had some paperwork through from an interim liquidator asking me to complete a statement of affairs, questionnaire to cover the 3yrs prior to liquidation date which I'm in the process of doing. I was a contractor working in Financial Services, have no employees, no other creditors except HMRC.

    My DLA was in existence well before I entered into my own personal DAS so I'm hoping that if I am pursued for the DLA that my trustee can come to some sort of arrangement with the liquidator and it can be included in my DAS but I don't know how I can find anymore money to pay towards it. I'll wait to hear back from my trustee on my options. I just hate not knowing what my options are or worst case scenario!
     
    Posted: Mar 4, 2020 By: Angela1 Member since: Mar 4, 2020
    #3
  4. Lisa Thomas

    Lisa Thomas UKBF Enthusiast Free Member

    3,486 436
    I'm not sure why the dates of Winding up order and Liquidation are different, that seems very odd to me.

    Did you disclose the DLA in your DAS?
     
    Posted: Mar 5, 2020 By: Lisa Thomas Member since: Apr 20, 2015
    #4