Iam secratary of limited company who have stopped trading but owe corporation tax of £12,000 and 6,000 on VAT the Chairman has gone bankrupt (due out in a month)and has no equity in his home. I am in a payment plan agreement with payplan however I have equity in my property can the Inland Revenue force me to sell my house? Matters are complicated further as I am in the process of getting a council grant for building a bedroom /bathroom for my recently disabled son We have no garrantees given against our properties and have no assests Please advise
the HMRC are currently hot on the heals of people who owe monies to them and this could include repo if they see fit. I suggest you seek further debt advice on this asap as the HMRC are very persistant and being in a payment plan may not be the right solution for you, and other debt solution options will be quicker and clear the debt totally.. There is the problem of equity but depending on what other debt solution you may choose to look at then this can be dealt with.
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The debts you describe are in the Limited company rather than yours personally.
The creditors could potentially pursue directors if they have acted wrongly - I cannot comment on this without more information.
From what you have said as the secretary you will not be liable for the debts of he Ltd company.
However it does need to be dealt with.
options:-
1. Creditors winding up petition ( probably by HMRC )
2. Driectors / Members winding up petition
3. Potentially depending upon how long ago the company ceased and when the last return was put into companies house, it may be just struck off.
Company debt ( limited companies ) is completely different to personal debts. If you need to run through the exact picture give one of the experts a call and have a brief chat
Please advise
Posted - 17 August 2010 : 17:59:38
