I’m currently closing down my company. I’m the director & shareholder. There’s also another shareholder in the company. We both contributed the startup capital for the company recorded on DLA. No contract. Based on the estimated value of all assets & cash, it would be impossible to repay the loan of director & shareholder. There’s no other liabilities. Questions are; how do I close the account with the outstanding liabilities (loans & my unpaid PAYE wages of the final month of trading)? And how do I document it? Are we director/shareholder liable for the debt (although we are the creditors)? Can another shareholder refuse the terms if we ought to have things in writing? We were only a small non profitable business to afford an IP. Many many thanks in advance.
DLA- company owes me & shareholder money