winding up a company with debts
I have a client who is mid-divorce, his solicitor has suggested he winds up his building company which is loss making & has been insolvent last couple of years anyway.(Yes I have kept telling him he shouldn't still be trading!). As he has little work on hand just plans to operate as a subbie for a while?
No "real" assets but large creditors mostly due to bank overdraft and large back dated unpaid CIS & VAT.
My understanding is that if we were to request to winding up the company with Companies house, HMRC will put in an objection due large amount of o/s CIS etc.
Any one have any experiance of this situation, who could advise me, as client has very little funds to appoint liquidators/ administrators etc, in fact I'm dubious about doing last years accounts as not sure I will get paid either :-(
But don't want to see him made bankrupt, or stopped from being a directors in future etc as geniune guy just got out of his depth!
Any help much appreciated?
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