Company insolvency.

[Guest77]

All depends what the sharing holding is ? might only be £100

Unlikely in this case, he will still have people chasing him for money, it will still hang around him for months, My advice is to clear the 7.4k debt and move on, I respect other views but long term clearing the debt as it is a small debt the best option.

 

[Guest77]

Not sure if the company has stock and a van for starters, sell that and the debt may be managable, the court will come to an agreement if he tries to make an effort, the bailiffs will be at the door as he is the director otherwise.

 

[Guest77]

I hope someone can help.

I have lost a court case against a client. They refused to pay for materials and works completed and then sued for breach of contract when we stopped work. Judge found in their favour, a total of over £7,400.00.

Payment is is due tomorrow and the company (limited) cannot pay. No money in the accounts and no assets to sell. What should I do? It's been suggested I do nothing and wait for the claimants to chace the debt and have the company wound up but I don't like the idea of this a hanging over me.

Any advice?

Many thanks in advance.

Can you borrow some money temporarily from a family member? then get a job and then you will be able to get a loan to repay the family member? otherwise you will have to shut the company and go through the indignity of being hassled for money by the courts.

 

[Anthony S]

Unlikely in this case, he will still have people chasing him for money, it will still hang around him for months, My advice is to clear the 7.4k debt and move on, I respect other views but long term clearing the debt as it is a small debt the best option.

You can't get sh*t out of a rocking horse, however nobody knows the what the bigger picture is.

 

[Guest77]

You can't get sh*t out of a rocking horse, however nobody knows the what the bigger picture is.

We know that, thats why in my first post I asked for some info, regarding your first comment we also know that, the long and short of it though if you read the OP is he doesn't want it hanging over him hence my attempt to help suggesting paying off the debt as it is small, try to read the thread properly first doughnut.

 

[Guest77]

You can't get sh*t out of a rocking horse, however nobody knows the what the bigger picture is.

I know of one company director who had bailiffs around his house and he had cars and tvs removed to sell off his limited liability debt, it was a fraction of the company debt but he still had to pay his bit, hopefully the OP has no major liability.

 

[tazz]

I made sure all my lads were paid and suppliers, then my debt was £14k to inland revenue, which I just keep paying off, getting there slowly, each large contract, I pay off £1k when I can. And keep up a few hundred a month when work is slow. They can see Im trying and review the situation every 3 months. I can do it with a bit of hard work.

 

[Guest77]

I made sure all my lads were paid and suppliers, then my debt was £14k to inland revenue, which I just keep paying off, getting there slowly, each large contract, I pay off £1k when I can. And keep up a few hundred a month when work is slow. They can see Im trying and review the situation every 3 months. I can do it with a bit of hard work.

Fair play mate, I am glad they are sensible about it.

 

[Anthony S]

I know of one company director who had bailiffs around his house and he had cars and tvs removed to sell off his limited liability debt, it was a fraction of the company debt but he still had to pay his bit, hopefully the OP has no major liability.

I never discuss the ins and outs on a forum.

 

[Anthony S]

I made sure all my lads were paid and suppliers, then my debt was £14k to inland revenue, which I just keep paying off, getting there slowly, each large contract, I pay off £1k when I can. And keep up a few hundred a month when work is slow. They can see Im trying and review the situation every 3 months. I can do it with a bit of hard work.

You set up a payment scheme with projections of future works/earning along with a lot of other terms and conditions.

 

[Guest77]

I never discuss the ins and outs on a forum.

Why are you here then? I have mentioned no names have I? just pointing out a situation which could occur, if you don't want to fully participate then don't post in the thread at all, your last post is just dog sh$te and not helpful to the OP at all.

 

[tazz]

You set up a payment scheme with projections of future works/earning along with a lot of other terms and conditions.

Yes I did, with a minimum per month....And as stated it is review every 3 months. I can throw my hands up and go bankrupt, or continue with a good business, and try and clear all in the next 2 years

 

[Anthony S]

Why are you here then? I have mentioned no names have I? just pointing out a situation which could occur, if you don't want to fully participate then don't post in the thread at all, your last post is just dog sh$te and not helpful to the OP at all.

Because I choose to

deleted rest of post not worth the bother

 

[shanky887614]

Yes I did, with a minimum per month....And as stated it is review every 3 months. I can throw my hands up and go bankrupt, or continue with a good business, and try and clear all in the next 2 years

the good thing is the tax man would rather be paid back slowly and get it rather than not.

its in there best interest for you to pay it off slowly or it costs them money

 

[tazz]

I have some good contracts on the go, and new ideas to go forward. If you communicate with people and never stitch up you subbies & suppliers you can get there....Lie or throw the towel in, and it will take a long time for companies to trust you again.