Closing down insolvent (?) company
My client's pub company never really got going. It has ceased trading after only four months with debts to the brewery and the utilities of nearly £14,000, to HMRC of £2,000 and to the directors of £2,000. If the directors (as they are trying to do) manage to pay the creditors themselves over the coming months and then write off the amounts owing to them, will the company still be technically insolvent? Could they write to HMRC and explain that they are paying off the debts personally, and then once paid off, can they apply to Co Hse to be struck off? Or do they need to enlist the services of an IP? I have already recommended they contact an IP, but they seem to be unsure whether they need to.