C
company1
Guest
Hi,
I really need some advice for the future of my company. My company is a limited liability company and my wife and I hold the directorships. Over the years I have had several employees but in recent years I have down-scaled to just myself. My line of business is service based dependent on the construction industry which we all know has gone to ruins. Throughout the downturn a few unsavory events have left my company in a poor financial state – some of my debtors have been liquidated and current debtors are refusing to pay. One debtor, who owed 10K, was liquidated and as far as I am aware there is no way to recover that debt.
So here are the facts:
1. Winding down the company.
As far as I am aware winding down will carry significant costs (arbitrator, liquidator and solicitor) which I cannot personally afford. Even though the Company is limited liability I am still personally liable for the company’s bank loans – could my home be in jeopardy?
2. Since I am self employed I would not be entitled to social welfare.
If the company was wound down could I carry out the same line of business as a sole trader to try and generate some income?
I would really appreciate some advice on this as I am at my wits end.
Thanks.
I really need some advice for the future of my company. My company is a limited liability company and my wife and I hold the directorships. Over the years I have had several employees but in recent years I have down-scaled to just myself. My line of business is service based dependent on the construction industry which we all know has gone to ruins. Throughout the downturn a few unsavory events have left my company in a poor financial state – some of my debtors have been liquidated and current debtors are refusing to pay. One debtor, who owed 10K, was liquidated and as far as I am aware there is no way to recover that debt.
So here are the facts:
- Company owes the revenue approx 4K
- Company owes a range of creditors approx 4K
- Company bank loan for nearly 25K for which I have given personal guarantees (home).
- Company overdraft is maxed out at 5K
- Company assets amount to office equipment (Not including premises)
1. Winding down the company.
As far as I am aware winding down will carry significant costs (arbitrator, liquidator and solicitor) which I cannot personally afford. Even though the Company is limited liability I am still personally liable for the company’s bank loans – could my home be in jeopardy?
2. Since I am self employed I would not be entitled to social welfare.
If the company was wound down could I carry out the same line of business as a sole trader to try and generate some income?
I would really appreciate some advice on this as I am at my wits end.
Thanks.