Limited Company may go bancrupt due to lack of funding for training we provide and high debts.
What happens to the self assessment tax, employers NI and Coropation tax we owe to HMRC if we go bancrupt?
You can speak to your account or the accountant handling the closing of the company as LTD companies do not go bankrupt, they go into Administration and then possibly liquidation.
If the taxes and debts are in just the company's name, then they go by way of the company and may get paid out of any assets liquidated.
If you or anyone else has signed or guaranteed any taxes or debts, then you will become responsible for the taxes and debts and may need to look at bankruptcy yourself.
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