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...
- Finding a Company UTR for a newly formed company 116 1
- Recomendations for a purchase order management book please? 118 1
- Instant CPD offer 280 4
- Cash basis 514 13
- Income from rent charged to business 120 2
- payroll software 365 3
- CIMA accountant wants to start consultancy 436 5
- Statutory sick pay 307 4
- Dividend in specie 368 9
- Complicated Company car purchase 220 2
- Ltd Company Buying Own Shares and Transferring Assets 175 3
- Retail vat schemes for a restaurant 145 1
- Rental Property W&T And Equipment 272 1
- Legislation access for part-time sole practitioner? 294 1
- Ownership of land - declaration of trust 167 3
- Fee base v staff ratio 383 6
- NIC thresholds - two employments 1,856 27
- Statutory Accounts - Dividends Disclosure Note 333 3
- Unincorporated organistion ceasing to exist 257 2
- Gift in kind to charity by company: services 108 1
- Skandia using wrong address 573
- FHL, period of grace and Entrepreneur's relief 306
- Does anyone use PS Financials accounting software out there? 306
- Employee rewards 288
- Gift of reversion and lease into trust by two different people - later PPR 253
- EPS Analysis - Change to EURO 228
- Etax Australian 187
- LLP in Construction Industry 154
- Selling On Amazon & Calculatign Prices/Vat 132
- Interest and late payment charges HMRC 130