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Kate.cs
Starting Member
2 Posts |
 Posted - 02 August 2010 : 10:05:09
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| My husband is self employed and the company is limited. He is now in ill health and cannot work much longer. We owe about £10,000-15,000 to different companies. What will I actually lose? |
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 02 August 2010 : 10:57:58
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Hi Kate.cs
The first question is who owes the money - is it your husband (solely or jointly with you) or the limited company?
If it's the limited company, your husband should seek some advice on how to wind it up (or how to get it struck off without winding up, depending on the circumstances)
If it's your husband personally, what you will lose depends on your circumstances, if he goes bankrupt
Either way it may be a good idea to get some advice before going any further
Good Luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
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Reviva UK
Advanced Member
United Kingdom
2452 Posts |
Posted - 03 August 2010 : 07:59:03
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If it is a limited company you also need to be sure what Personal Guarantees are in place for the limited company debts.
best thing to do is to phone one of the forum experts to go over your options
Paul Johns
Bankruptcy Specialists
Reviva UK
www.revivauk.com
Real People ..... Real Debt Solutions |
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Kate.cs
Starting Member
2 Posts |
Posted - 04 August 2010 : 12:23:36
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My husband is a director and me the secretary. My husband therefore works for the company which is limited. What does it mean to be struck off without winding up??!! There are no personal guarantees for the company. Will we lose the van and tools etc?
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Bridgewood
Junior Member
United Kingdom
222 Posts |
Posted - 04 August 2010 : 13:42:01
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If a limited company is insolvent it would usually be wound up (put into liquidation) either by a creditor (usually HMRC) going to Court to get a winding up order or by the shareholders of the company passing a resolution to put it into liquidation.
However, in a lot of cases, if HMRC is not a large creditor, the other creditors won't petition (it is an expensive process and usually unlikely that the costs will be recovered), and if the company doesn't have the assets to cover the costs of putting itself into liquidation, and the directors don't have the funds (or the inclination) to pay the costs personally (it would usually cost in the region of £3,000 for a standard liquidation), then it is unlikely that the company would be wound up.
In these cases the only option remaining is for the company to write to creditors advising them of the circumstances and either invite the creditors to petition, and/or write to Companies House asking them to strike the company off the register.
As in my previous post - it is advisable to seek advice on your specific circumstances before taking any action.
Many insolvency firms will advise you free of charge - we do
Good luck
Bridgewood specialise in helping people deal with their debts and make the most of their financial situation - providing free, no obligation debt advice.
We can also setup a complete range of solutions including debt management plans, IVA and bankruptcy support. |
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What will I actually lose?
