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?
- Was I rude 596 17
- If an invoice is sent and paid does a contract exist 160 9
- Online filing 59 4
- Incorporation - any tax advantage? 57 1
- Threshold for RTI submission 75 2
- Joint rental income 36 1
- New client, prev accountant disappeared 1,567 24
- I'm not sure if this is the correct forum but here goes 282 4
- Money Laundering checks on Charity 103 4
- Auto enrolment 366 6
- Inventory valuation of precious metals? 313 3
- Share swap 253 6
- Partnership to LLP - Capital Contribution 90 1
- Surcharges on very late VAT 170 2
- Top slicing relief question no 2 134 3
- Maternity Pay 147 2
- Career slump - advice and/or sympathy much appreciated 590 14
- Recommendations for tax advice sole practitioner 634 10
- Recording VAT refund and payment on Sage 50 63 1
- Auto enrolment for one or two director companies 1,728 27
- Skandia using wrong address 1,472
- Nil Rate Band Trust - index linked debt by way of charge over property 801
- Any views 722
- International interest certificate 439
- Stamp Duty on share for share exchange 411
- Sale of business 378
- NOVA 276
- IRIS Open Books problem 272
- farming-related R & D tax relief claims 187
- Expenses claim for non employee 177