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<h1>Insolvency legal advice version 3 (taking into account some statute law and some forms and some case law)</h1>
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<textarea id="text" name="text" cols="120" rows="15">I left a position a couple of months ago after a disagreement with the other director on the direction of the company. I signed a stock transfer form a month ago to return the 5% I had in the business and assumed it was dealt with after I was told it would be filed and I would be removed.
Today, the other director dropped the keys for the offices rented by the business and a note saying I was never taken off of the business and to sell all of the assets, close down the business and pay off the debts (along with sending the other director some money).
It came a bit out of left field and I'm fairly new to business but I assumed when I signed that form it removed all of my permissions from doing anything with company assets or filings?
Any advice would help as I currently don't know what to do other than send the keys back recorded delivery so I cannot be accused of theft or anything.</textarea><br/>
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if (option.value == 1) {
{
document.getElementById("text").value=`I left a position a couple of months ago after a disagreement with the other director on the direction of the company. I signed a stock transfer form a month ago to return the 5% I had in the business and assumed it was dealt with after I was told it would be filed and I would be removed.
Today, the other director dropped the keys for the offices rented by the business and a note saying I was never taken off of the business and to sell all of the assets, close down the business and pay off the debts (along with sending the other director some money).
It came a bit out of left field and I'm fairly new to business but I assumed when I signed that form it removed all of my permissions from doing anything with company assets or filings?
Any advice would help as I currently don't know what to do other than send the keys back recorded delivery so I cannot be accused of theft or anything.
All the best,
John D.`;
}
}
if (option.value == 2) {
{
document.getElementById("text").value=`Hi, I hope someone can help advise as Citizens advice are a 14 day turn around and I feel so angry and stressed.
My partner was working for a subcontractor I will refer to as X and he subcontracts from Y who then subcontracts from a massive house builder in the UK. X had been booking in work with Y and the work hadn't been done so when Y found out they said he wouldn't be getting anymore more money to pay his 13 guys wages. So now my partner hasn't been paid £1800 after tax becuase of this. Apparently X doesn't have the money and he owes Y over £30k. My partner has tried to contact X and be reasonable about it but he started off saying my partner was at the top of his priority list and he would be paid the money, it is now 3 weeks later and X is ignoring calls and texts. Never in our lives have we struggled like this, we are a large family my partner and I have 8 children together and have now had to use a food bank for the last 2 weeks which we have never had to do as we have been pay check to pay check since covid as we didn't take any of the gouverment grants and this has massively set us back. Please can someone help, what can we do, can I persue X, Y and the massive UK house builder? Should I call. The massive UK house builder and speak to them and let them know the kind of guy that has been subcontracted? Would they even care? We can't let this just be accepted as a loss of £1800 as its put us in debt and it has really affected our family massively.
Many Thanks in advance for anyone who takes the time to read and respond`;
}
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if (option.value == 3) {
{
document.getElementById("text").value=`Good Evening,
I am in an extremely difficult situation and I'm looking for a specialist lawyer who can help me with the following:
Company A is a trading company that has been in business since 2008 and has been liquidated in 2023. Company B is a property company that has been in business since 2020.
We are currently in liquidation with Company A, and one of the creditors is a bank due to an RLS loan. This loan is a cross-guarantee, which means that in case of liquidation, the property company is liable to pay this amount.
Background: Company A gave an intercompany loan to Company B to facilitate the purchase of an industrial unit. As Company A is in liquidation, the insolvency practitioner will be asking for the loan amount to be repaid. This means that not only is Company B liable to pay the RLS, but they will also be liable to pay the intercompany loan along with the mortgage on Company B.
This puts Company B in a difficult position, and the liquidators are putting pressure on them and asking to put Company B into administration with them. This way, they can sell the industrial unit and I will lose everything I have worked for over the last 17 years.
I am here to get some advice, help, and support, but I feel like I have lost it all. Is there any point in carrying on....?
Regards,
A`;
}
}
if (option.value == 4) {
{
document.getElementById("text").value=`I know that LTD company debts, stay with the LTD company, and a personal individual cannot be chased for this.
What happens when it's the other way round. A personal debt against an individual who is the sole director of multiple LTD companies? Can company assets be seized to pay a personal debt?`;
}
}
if (option.value == 5) {
{
document.getElementById("text").value=`I posted a thread s few weeks back about "closing my ltd company and who to pay" and got some really helpful advice.
Today I got a phone call from a debt collection agency, on behalf of Utility Bidder ( a comparison site for business energy) who I went thru when energy prices were rising and I wanted to secure the best price. Apparently I have broken the contract by not seeing out the whole 3 yr term and they're chasing me for about 1k inc vat. I told him I had applied to companies House to dissolve the company and he told me I wouldn't be able to because I have this outstanding debt with them and I should see an insolvency practitioner.
When I told him that I wasnt going to spend 2k+ to settle a 1k debt ,he suggested a payment plan. I asked for time to get some advice because obviously the company has no money with which to pay. He suggested that I should "find the money from somewhere".
I was a very small bakery and essentially all the equipment was mine, most of it I owned before I set up, some I bought but with my own money, and I used the company money to buy mainly ingredients and small things like replacement knives/bowls.
I stopped trading on 24th Dec, I gave notice on my unit and moved out on 18th Jan. I have not traded since and there is no outstanding payments due for goods i supplied .
Do I just stick to my guns and let it run its course till they run out of steam?`;
}
}
if (option.value == 6) {
{
document.getElementById("text").value=`A creditor committee had been formed a few months ago in a quick time, without involving any voting or consent from the creditors.
We have found the creditor committee is not doing thing for the best interest of the creditors. We may take the following action.
1. To remove some existing members and to be replaced by some others.
2. To add some new members.
Can we do it and how can we do it?
Thanks`;
}
}
if (option.value == 7) {
{
document.getElementById("text").value=`We have a ltd company with 2 shareholders/directors. Unfortunately over the last year work has really quietened down. Also the other shareholder/director would like to leave the company for new ventures. This would leave us in a position where the business could no longer carry on.
We have no debt and no overdrawn directors accounts. we didn't take any bounce back loans. All vat bills would be paid as would Cox.
The only thing we wouldnt have enough money for is to terminate our telecoms contract which has 7 years left.
(they are completely unreasonable and not budging)
Would we require liquidators purely for this reason?
Thanks.`;
}
}
if (option.value == 8) {
{
document.getElementById("text").value=`Writing this on behalf of an aquaintance. 5 months ago they were let go by their employer, and at the time was told due to lack of work. Company "rebranded" in the final month of their employment but believes they were still employed by old co at the time of leaving. They have chased ever since but last month the employer told them they were let go because their work wasn't up to scratch and that the Company had been dissolved and they wouldn't be getting a penny. Employee was there less than a year.
I've looked into it and old co is still active at Companies House. There are two directors (I assume real life partners) but partner B resigned from old co within the last month and partner A resigned from new co at the time of the "rebrand". I see little sense in pursuing old co as it's doubtful they will have assets. Newco was set up a year prior so not exactly a phoenix.
So what's the best course of action. I did think Insolvency Service but with the Company still active not sure if that can be done. They phoned ACAS but got no joy there.`;
}
}
if (option.value == 9) {
{
document.getElementById("text").value=`We've screwed up.
We informed our landlord that we would like to execute a break clause in our lease (5 year contract with a 3-year break). As per our lease agreement, we need to provide the landlord at least 3 months notice on the break. We informed them 7 days too late to conform to that requirement (i.e. we've given them 2 months and 3 weeks notice). The person this fell to was out-of-action last week, when they were supposed to do this.
Landlord is holding this against us, saying that we are too late, and are liable for the final 2 years. Note, we'd discussed this with the landlord several months ago, that we were looking to get out of the lease sooner as we no longer had enough space to operate effectively. The landlord even arranged viewings for prospective tenants. But we did not formally request it until today (too late).
Where do we stand on this?`;
}
}
if (option.value == 10) {
{
document.getElementById("text").value=`Business has been a LTD Company since 2014 with good trading history in retail/B2B.
Like many we suffered during covid after being closed and not being able to trade as normal. We restructured in some ways but still required retail store.
We have recently had to close the retail store Nov 22 to reduce costs and restructure our customer base more towards B2B clients.
After 3 months trading from a new non retail location we have come to the conclusion the business is no longer viable for various reasons.
Business has 2 equal directors
BBL Natwest balance around £14k which has been paid consistently until Jan when we had to take a payment holiday to help with cash flow.
We have an OD with bank of around 6K which has a directors guarantee, we could probably cover this with sale of assets.
CH & HMRC in good order
A few outstanding invoices from the closure retail store for around 7K, asset sale won’t cover.
Two lease cars both with 1 year each left on lease but leased via LTD company with no directors guarantee that we can see in the paperwork
Our customer base has pretty much dried up and the customers we do have are being very careful on what they spend since cost of living issue hit the media, so although we are trading we struggle with cash flow on a daily basis.
I know these amounts are not huge but we feel like we are fighting a loosing battle and want to look at options of closing the business or selling it and moving on. But have no idea where to start.
This I’m sure is a very common story after recent events and I never thought I would ever be even contemplating these options but it feels like the only option.
Have read a few posts and seen the SpongeBob post but don’t know what to do for best.
Have a meeting with accountant soon to discuss but would be great-full for any advise.
TIA`;
}
}
if (option.value == 11) {
{
document.getElementById("text").value=`Hi everyone, long time lurker here. Fortunately, I've never needed to read this subsection until now!
Bit of a backstory:
I've been running a limited co for 6 years now, I've always had a bit of a hard time getting a hold of the accountants despite paying monthly retainers but the last couple of years have been particularly bad, late filings, no call backs and so on.
I've recently switched to a new practice who have reviewed my accountants in full and immediately flagged a horrific situation. The accounts were a mess. The tax liabilities were much higher than expected and it turns out, I've unknowingly taken illegal dividends to the sum of 35k.
I've spoken to a local liquidator who has stressed that this needs handled and I will be forced into personal bankruptcy, no question. I have no assets, everything was sold to keep the business going post-covid.
Beyond the dividends, I owe personal tax. There's about 15k worth of equipment in the business and cash in the bank or due in.
The top line has done well over the years but in the current climate, it will be almost impossible for the company to earn its way out of things.
I'm wondering if there's any independent advice I could get? I'm terrified that if I go bankrupt, it will ruin my future prospects and could have been avoided.
Thanks`;
}
}
if (option.value == 12) {
{
document.getElementById("text").value=`I know TUPE applies when a business changes hands
I seem to remember reading TUPE also applies if an unrelated business takes over the premises of another business in the same sector and trades from the same location - is that correct?
Example in our town.
Butchers gone in to administration, staff left in limbo, talk that a new butcher will be opening in the same premises soon.
Would TUPE apply in those circumstances? @Newchodge`;
}
}
if (option.value == 13) {
{
document.getElementById("text").value=`Hi there, I wonder if anybody else has been through this and can shed some light on it,
So we’ve been trying to save our business and we’ve come to terms to realise with world events we cannot continue the company is effectively dead as we sold a luxury not a need.
However HSBC have been very supportive and we told them we cannot pay and they said they do a long term no affordability. Send a few letters tick a few boxes they have said in a nutshell. The bounce back loan at the moment is on a payment holiday. So costing us very little a month. I have to give credit to HSBC and their support and advice. But it’s the question of how the company is closed
However when do we strike the company off normally my main question?
We have no money to liquidate and it and HSBC said they wouldn’t liquidate it either for a 12k bounce back loan. We had our total bounce back loan on designing a new product for our company and buying stock for it. Not ever used for personal consumption.
Will the company be left in limbo and then companies house eventually strike off, we owe nobody else apart from bounce back loan and I’ve put my own money into company to try and save it but we have to come to the terms that the world events cost of living have killed our business.
It’s a real heart breaking situation having owned this company since 2012: but the world has changed. I feel allot of hurt personally.
Thanks everybody.
Has anybody else been through the process?`;
}
}
if (option.value == 14) {
{
document.getElementById("text").value=`Sorry, bit of an essay, I am looking for some advice on a partnership matter. I am in a general partnership with one other; running a small retail shop. I manage nearly all the admin, finances etc, we both work in the shop and have one employee. We have
managed to pay ourselves monthly drawings from profits for our time since we opened a few years ago, with a small additional profit on top most years. Drawings are related to hours worked and I get extra for admin time, though this generally doesn’t accout for all the time I spend.
I recently completed our tax return and became suspicious of our bank balance - we had a healthy buffer following the covid grants but this has gradually been eroded, and I have expressed concern to them several times, assuming that we were struggling and suggesting we might not be able to pay ourselves at the usual rate. We have a system whereby both partners are responsible for banking cash - we record amounts taken and are meant to record when they are paid in. My partner is very slack with record keeping and rarely fills in the paying in records or passes on paying in slips, and often needs prompting to pay in cash at end of month. I finally managed to check back through records we have both filled in for cash taken and payments received to bank - I know I should have done it sooner - and there is almost a £3000 shortfall in what they have recorded as taken and what they have paid in over last two years. When challenged they sent a letter apologising profusely saying they had got behind with paying in and record keeping, needed to borrow some cash, lost track of how much and basically panicked and buried head in sand and always intended to pay it back, but the reality is the money has been steadily taken over a two year period - generally something is paid in but has been short of what was actually taken from the till. They said they always intended to pay it back, but could never work it out and just ignored it, in hope that at some point they would be able to deal with it, and could never find the right time to tell me. I feel
I am being taken for a mug. Alongside this they have proved to be pretty erratic in general - poor communication, record keeping and making silly errors (though some now seen more suspicious) which have cost us money. I end up spending a lot of time trying to track down errors or clear up the mess their errors cause, which has been quite stressful. They have quite a turbulent personal life which exacerbates errors and often precludes discussions about finances and procedures. My discovery of the shortfall comes at a time of personal crisis for my business partner which I have every sympathy for, but I am hurt and angry that they basically took cash from the business and let me stress about our finances without telling me that they had “borrowed” the cash.
I have decided I no longer trust them and no longer want to be in the partnership - but am getting severe emotional blackmail from them regarding their personal situation and their involvement in the business. My questions are really about the technicalities of how to end it - we have a fairly thorough partnership agreement of which several terms with regard to paying in, handling cash and record keeping have been broken, so it would seems I have grounds to expel them, but as a two partner partnership, presumably this would result in instant dissolution too? The partnership deeds also have clauses relating to setting up similar businesses and lack of entitlement to goodwill following expulsion.
Ideally my intention is to continue the business alone, but I am just looking for advice on potential pitfalls in the
process of expulsion and dissolution that
might arise, or potential problems regarding me taking on the business alone. I am anticipting working out balances owed either way and potentially may even have to buy them out of the assets, but am unclear about how the “goodwill” side of things works and if they have any claim to the name/intellectual property etc. And also am looking for reassurance that this is the correct way to deal with it. I have the greatest of sympathy for their personal issues, but also feel incredibly hurt and angry that my mental health has been jeopardised and my time wasted by their deceit and incompetence. I can’t see any other way out of this mess in which they can stay involved with the business without causing me the stress of anticipating and sorting out their next mistake/worrying about how much I trust them. I feel
incredibly sad that it has come to this, but amnot sure that feeling sorry for someone is the best basis to continue in business with them. Sorry for the essay - any advice gratefully rceived.`;
}
}
if (option.value == 15) {
{
document.getElementById("text").value=`I'm in the process of winding up my limited business (only me and wife are directors with no employees). For my customers I officially stopped on 24th December but moved out of my premises on 18th Jan.
My landlord was OK about me not being able to pay the rent and we agreed I'd get out pretty quick.
I have no debt (like official bank loans or BBL except directors loans - amounting to a couple of thousand) apart from my latest direct debits for energy, water and broadband.
Energy is probably the biggest as I paid every quarter - that falls this month. I have £600 left in the business account - who do I prioritise and what will happen when they chase me for any remainder?`;
}
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