Striking off

Discussion in 'Insolvency' started by Miccro, Feb 18, 2020.

  1. Miccro

    Miccro UKBF Newcomer Free Member

    1 0
    I have been advised to ‘strike my business off’ as it’s failing and I can’t afford to go to court to get it liquidated. I do have debts against the business, no more than £5000 total. And have been told my creditors are unlikely to oppose the strike though, although they are able to too. My concern is the business is registered at our home address. It’s a limited company and all the debts are with the company. My partner owns our home, and has done years before I even met her. She is the only name of the mortgage. Is our home safe for this reason? I don’t want a charging order or such like applied to her property. Any advice greatly appreciated as I’m stuck as where to turn at the moment. Many thanks
     
    Posted: Feb 18, 2020 By: Miccro Member since: Feb 18, 2020
    #1
  2. Mr D

    Mr D UKBF Legend Free Member

    22,762 2,737
    Debt collection companies can call, can send letters, can visit. They cannot take personal assets for business debt.
    The debts of the company belong to the company, not the people.
    Unless you signed a personal guarantee (often with bank or landlord) in which case business debt becomes your debt.

    If you have no money then check out the spongebob plan.
    https://www.ukbusinessforums.co.uk/...ich-to-pay-an-insolvency-practitioner.316523/
     
    Posted: Feb 18, 2020 By: Mr D Member since: Feb 12, 2017
    #2
  3. Lisa Thomas

    Lisa Thomas UKBF Enthusiast Free Member

    3,515 445
    Unfortunately unless and until the Company is either Liquidated or dissolved there is a risk that debt collectors can turn up at the property.

    Assuming dissolution is the right option for the Company the details on how to dissolve it can be found here:

    https://www.gov.uk/government/publications/company-strike-off-dissolution-and-restoration

    If the Company doesn't file its statutory returns with Companies House then eventually C House will strike it off.
     
    Posted: Feb 18, 2020 By: Lisa Thomas Member since: Apr 20, 2015
    #3