GET ME OUT OF HERE!
I have a LTD client of several years who, at the brink of insolvency due to poor management, is slow to provide me with information, and is generally lacking in responsibility to the business, it's customers and staff.
The two shareholder/directors approached me at the beginning of last week to say that they feared the company would run out of cash by the end of next week, so I wrote to advise them to contact an Insolvency Practitioner immediately to discuss their options. After one director came back from a long weekend break, they finally saw the Practitioner who has told them to try and carry on at this stage. This is possible as I have found a substantial bill they paid twice and have asked for a refund!
How do I get out of this engagement when I know that they are in a predicament and quite incapable of recording their transactions and filing returns etc, and are probably unable to afford to switch accountants?
They are local and I am worried about the impact on my reputation if I am seen as 'jumping ship', but at the same time I know that things are only going to get worse, and I could easily find myself embroiled in a situation of them arguing about the business with me in the middle! I am already finding it difficult as both directors pull me aside to 'chat' about their position and future plans, and I have to keep saying that I am unable to give answers that could give rise to conflict.
I would appreciate any (helpful) comments...
- deleting customers on Sage 50 205 8
- Using Director's bank account to receive payment from customer 216 4
- Sage Depreciation 57 1
- Non sequitur 208 2
- Am i Liable? 843 21
- Sale of business being paid by deferred payments by buyer 157 1
- tax relief for the cost of trade marks 149 1
- Interest on main residence mortgage then lent to a company 58 1
- Boffin of the Year 224 8
- Has anyone been told of the extra Sage Payroll fees for auto enrolment? 460 10
- HMRC Accounts Office - waiting an hour! 61 1
- Very Difficult to type on Aweb again 78 2
- Giving a seminar 650 35
- Fee agreed but client disagrees on amount 912 15
- What leverage do I have with accountants if any? 363 3
- Sole trader - bank statements 336 14
- PAYE versus Dividends 133 1
- Altered PAYE cheque 441 9
- equipment rental 75 1
- Flat Rate Scheme 384 16
- Desperately seeking Susan, Sam or anyone with any other name 1,286
- Experience with Islamic investor following Sharia-compliant rules? 633
- Darwinpay Partnership Assessment 418
- S464A Charge to tax: conferring benefit & BIK 326
- Quirky thread of the year: Community Awards 246
- Alphabet shares 216
- Agent fees to sell business 208
- ACCA continuity of practice arrangement needed 203
- Office recharges 164
- Tax position on lease extension 160