insolvency

insolvency

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I believe my company is insolvent. It owes me £20k. can I take the money from the company?: Plus I cannot afford to pay a liquidator - is there an alternative?

HMRC are owed money, I am owed money and havent taken an income for 3 months.

The company has about £20k available through factoring invoices. Wages are due next week about £10k.

dont really lnow what is best.

I would appreciate any help.

Replies (4)

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By stratty
24th Mar 2015 15:18

Professional Advice

Speak to your accountant and/or an insolvency practitioner.

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By Tim Vane
24th Mar 2015 16:40

Wages?

So you are planning on taking money for yourself but not paying wages, and are trading while insolvent?

Then you say you can't afford an IP. Frankly it sounds like you can't afford NOT to have one.

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By ksagroup
25th Mar 2015 15:16

If you take out that money and the company is subsequently wound up by HMRC then the official receiver will probably demand it back as a preference.

 

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By boxley
17th Apr 2015 16:35

Liquidators

I acted as bookeeper for a company that went into CVA.

The liquidators have spent most of the assets on investigations of the director without the approval or saction of the creditors. I have been advising the director and attending meetings with the liquidator and his solicitor.

I have been approached by several creditors to act as proxy to stop any further expenditure and/or remove the liquidator.

Action is threatened under section 212, 238 & 239. The creditors have voted against action.

Can i act as proxy or will there be a conflict of interests?

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