Company formed in 2001. Director of co. is 64 years of age and business if failing due to supermarkets opening nearby and road closures. There are no assets and the only real debt will be his claim for redundancy etc. He borrowed money from family six months ago to pay his only member of staff redundancy. He has not been able to repay this loan.
Does he need to go into formal liquidation in order to apply to insolvency service for redundancy pay.
Thanks very much for any advice.
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Does he need to go into formal liquidation in order to apply to insolvency service for redundancy pay.
Have you tried ringing The Insolvency Service? It's possible that they may be able to advise.