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Unable to pay CT

Unable to pay CT

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Company A had 2 directors X and Y

Company A ceased trading in Dec 2009 when the business was sold - hence a large tax liability in the company (no advice was sought prior to sale)

Directors have used the money to live on since the sale and there is no now money to pay the corporation tax that is due

It should also be noted that director Y (it's a husband and wife team) resigned in April 2010

What happens if the company cannot pay the corporation tax bill?

Will the director be struck off?

Any advice greatly appreciated

Replies (3)

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By Richard Willis
27th Sep 2010 11:55

Clarification needed

From your wording I take it that the business was sold but the company was not.  Is this correct?

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By sarahg
27th Sep 2010 13:08

This is correct

Business was purchased rather than company being sold due to there being bank loans outstanding

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By Chris Smail
28th Sep 2010 10:42

So the directors have stolen the company's money

HMRC will expect them to pay it back, fraudulent preference etc etc. The money was not theirs to take.

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