Limited company director - bankruptcy

About to go bankrupt. Am the sole director of a limited company (IT contractor)

Company has €50k of funds in it. I have no personal cash.

Before bankruptcy I appoint someone else as director in my place - and I become a PAYE employee of said company.

What happens the €50k in company cash account? Any potential consequence for me I should know about?

If the company has "net assets" of €50,000 and if you are the sole shareholder, why not use the money to do a PIA/DSA?

If you do go bankrupt the Official Assignee would seek to realise value from your shares.

You would need to provide much more information if you wish to receive any type of worthwhile guidance.

Jim Stafford

You say the assignee would seek to realise value from my shares?

But what is that value if based on a bank balance of €50k?
I'm a one man band contractor. So there's no more income for the company once I'm gone.

Presumably the value of the shares is what someone is prepared to pay? So it's really just the cash at bank they'd be buying

If someone buys the company the cash is subject to corporation tax, (its uk registered so that's 20%), they are subject to personal tax upon withdrawal of cash(which would presumably be at top rate assuming they already have an income). Presumably there would be other expenses involved for the assignee and the buyer also?

I estimate there would be maximum under €20k net for the buyer to extract. Meaning no one will buy it unless they get it for significantly under €20k sale price.

Or is my methodology completely off the mark here?

And in practice is there a market out there to buy companies with only cash at bank and no future income?
In the real world does my share actually have a realisable value at all for the assignee?

Also - can they even sell my share if I have stepped down in advance and appointed someone else as a director?