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If we fold our limited company what can they do?
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TOPIC: If we fold our limited company what can they do?

If we fold our limited company what can they do? 20 Dec 2011 13:02 #815


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We have a big tax and vat bill that needs to be paid and we have no money to pay it. Our accountant isn't very helpful. We need to fold the company but need advise as to what to do and how to do this without being responsible for this debt. we started the company 10 years ago and have never defaulted but can no longer carry on.
HELP.

Re: If we fold our limited company what can they do? 20 Dec 2011 16:39 #816


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Hi,

This forum does not provide direct advice on how to fold a company, and in most instances, you may very well need assistance to do it properly. You may want to look here: bankruptcy.org.uk/company-liquidation-administration

If the debts you mention are just in the LTD company's name, and no one has signed as guarantor or signed for responsibility, then once the company is closed/liquidated, the debt goes with the company. If anyone has signed or guaranteed the liability, then they are also fully responsible.

Regards,

Jon
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