I had my own business for 4 years and I just took cash out of the company account and paid into a personal account, now I know these are classed as illegal dividends.. Ouch... But here's the rub, the company went into Cvl and I'm now being chased by the liquidator for the illegal dividends..
The IP has all the paper invoices from my suppliers but here's the rub I used the cash to pay my suppliers. The IP says I need proof I paid cash but I didn't have any credit with my suppliers and paid as I went along. I have a digital record of my suppliers, time, date, goods bought and all signed paid. I'm 100% they will tally with the paper invoices. So basically I've taken the money out of the company account into my personal account then paid for the goods for to keep the company running... How do I stand...? I have evidence and I haven't told them. Why won't they check my suppliers invoices which are all paid..
Any thoughts on where I stand..