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Jamie A | My limited company has failed, and has no money. It has outstanding bills, what can I do? |
My limted company signed a service contract for one years service with a telecoms company. The product I developed has failed, and the company has no money, but has an outstanding bill of £3500, which it cannot pay. I am sole director and 100% shareholder. What can I do, bearing in mind that I am director of another successful but unrelated company which is still trading. |
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Caoimhin
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Each limited company is a legal personna in its own right and so your successful company cannot be expected to "bail out" the other. What your personal liabilities as a sole and 100% shareholding director are in terms of the failed company I cannot really answer.
As a legal personna in its own right, then the creditor(s) may have to right off the debts owed unless they feel there has been gross mismanagement in administering the failed company.
I would have a chat with the CAB. They may be able to put you in touch with a competent solicitor or make access to one for you free of charge.
I hope that someone with the legal competence will contact you about the current position, your liabilities and future implication of any acton you may take.
Good luck
t |
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funnycunny
 |
let me get this right, you have another SUCCESSFUL company, & your worried about a measly 3.5k.
sell the company assets
so stock, offices furniture, pc's etc 3.5k should be found easy. |
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Lynda Lou
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You could go into voluntary liquidation and providing you didn't sign any guarantees for any supplier personally, you won't be liable. But just in case, contact a Company Liquidator and discuss your case. You'll find them in the Yellow Pages or on the net. |
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Apple Crumble
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You would be very wise to close the company without owing anybody anything.
There will be a knock on effect for your other directorship. |
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Clyde Banks
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do a runner..buy a canoe and pretend you forgot everything |
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Huge
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Sell your other company to pay/help your debt. You will not be able to trade at all as a Ltd company director if you go bankrupt. |
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just trying to make a difference
 |
you could try contacting the insolvency service's helpline for general advice http://www.insolvency.gov.uk/contactus/enquiryline.htm
but your best source of advice will be the business debtline, as they specialise in this area and give free advice http://www.bdl.org.uk/index.asp
there's also the Lawyers For Your Business scheme which offers free half-hour consultations with solicitor firms in England and Wales offering specialist advice to small and medium-sized businesses http://www.lawsociety.org.uk/choosingandusing/helpyourbusiness/foryourbusiness.law
I hope it all works out ok for you. |
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Ian M
 |
Do you believe the company can be rescued? If so then you might try a voluntary arrangement, paying a proportion of the debt, or sell shares to your other company to provide immediate funds |
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scullion
 |
As a last resort, having tried to find ways of paying off debts or to have agreed payment of a lesser sum, formally put the limited company into liquidation. The debt belongs to the company, not you. The business had its own separate legal identity.
That assumes you gave no personal guarantees.
The existence of the second unrelated limited company of which you are director is not directly relevant unless there has been some sort of fraud involving it.
It is possible that your personal record will be marked as a director of a company that went into liquidation. This will be a matter of record. |
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John H
 |
I agree with funnycun........ your other company can't be very successful if you can't transfer the bad debt (only £3500!!) from the failed business!!!
£3500 is definately not a lot of money for a successful company to resolve!! |
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JustCurious
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Can you find some plausible basis to query the bill? Often if it becomes enough aggro to collect a debt a company will write it off and not bother to collect it. |
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ξήĢŁĭŞĦ ŗǾşξ ©® ღஐღ
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you either pay the debt or file bancrupcy , but they will close your other company for doing this .. |
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