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?
- Question re Career choice... 1,613 10
- Which address 1,042 12
- Does anybody still use a Filofax? 573 20
- MS Surface Pro 3 80 1
- Financial statements in Word, with formulas 1,472 17
- HMRC Penalties - are they enforceable? 1,059 35
- Your fondest calculator memories 1,203 44
- R&D tax claim 249 7
- You think HMRC are inefficient? 530 9
- Company Pension Contributions 2013/14 183 7
- Profit accruing in fiduciary or representative capacity 131 2
- Gift to employee 377 12
- Tax Allowance on University Course 170 1
- Transfer of a business 127 1
- I hate HMRC's voice recognition system - The Inept Interrogator 1,142 22
- Investment property where tenant lives rent free 416 8
- VAT Cross Border Invoicing 121 2
- Sage Import Data 315 6
- Slight twist on employment related securities 246 1
- Child and Working Tax Credits and sudden increase in investment income - does this trigger a claw back? 140 2
- DTR : TIOPA 2010 Section 42 483
- CTA study material 457
- Sect 102 TMA 1970 336
- Pre incorp expenses 316
- Relief on French Tax Deposit? 270
- Anyone have clients that use Pay4Later to offer customers credit? 257
- What is the tax position if I am working overseas but via a UK agency? 210
- Gift Aid after 5 April, before 31 Jan - Tax Credits 162
- Anybody have that old ACCA Student Training Record (STR1) 144
- Taxation of partners in an LLP following new rules 135