A company owes IR a large amount of PAYE over many months. The company has no assets. IR have indicated they don't accept payment spread over a few months by post-dated cheques and they insist that the director takes out a personal loan. If the company goes into liquidation, what do you think the position will be?
E.g. can IR start legal proceedings against the director to recover the debt from personal assets or make the director bankrupt in the absence of any assets? Where is the limited liability?
Any previous experience anybody or clarification of the legal position are welcome. Thank you.