My husband and I had our own business which we put into voluntary liquidation a while ago. The business didnt have enough funds to appoint a liquidator and our accountant was unable to locate one. We held a creditors meeting to which all creditors were invited. Most creditors were owed a relatively small amount and they were aware of the circumstances behind the collapse of the business. Those creditors didn' t attend. It was only about 3 creditors who attended and they decided not to appoint a liquidator themselves.
Our largest creditor is the Revenue Commissioners.
We have started on the road to Voluntary Strike off and have a letter of no objection from the Revenue Commissioners. As part of the vol strike off, we must product accounts which, firstly, we do not have the money to pay for and which secondly, we do not have the time to produce. We received a letter which tells us that unless all accounts are completed within 2 weeks, we will be struck off involuntarily. The amount of work involved in getting stuff to an accountant that we cannot afford, is phenomenal and cannot be done by me.
A little bit of background........ We went into liquidation as a result of the business losing money, as a result of us taking our eye off the ball for a number of months. My husband was seriously ill, we lost a very close family member and I had a major illness... all in the space of a few months. The business spiralled out of control and our only option was to wind it up. Our health problems were such that to continue would have been dangerous to our health and family. As a result of everything that has happened, my husband (who is the business brain in the operation!) is very severely depressed at the moment. He suffers from clinical depression and cannot handle stress right now. We know this will pass as he is very close to recovery and we know that my old hubby will be back with us again. But the crux of the problem is that I cannot tell him that we're about to be struck off. From my knowledge of his illness, I know that it could push him over the edge and I'm terrified that if I do, he and our family will become a statistic.
I don't understand the ins and outs of the accounts side of things. That's all his 'baby' if you know what I mean.
So, I'm trying to figure out whether we should just let the strike off take place. Our old accountant told us at the time that he would always be able to testify that we never traded recklessly so we have that going for us. Does the letter of no objection from the Revenue Commissioners mean anything for the future?
Sorry, I should have clarified... our only fear, in terms of money owed, is that the Revenue Commissioners will come after us for the amount owed and will demand it now. Does the letter from them mean that they have written if off and won't look for it?
So, to summarise... what is the worst that can happen to us?
Can the RC request all monies to be paid by us as directors?
It was a limited company, I understand it loses it's limited liability status once it's struck off - is that correct?
Can any of the other creditors (who have told us they have written off the debt) come seeking money?
Does the fact that we have no money or property stand to us in any way?
What else will happen? Will we be named personally in Stubbs Gazette or some such publication? Will it be a quiet affair or a very public hanging??
Any advice or information you have would be so gratefully appreciated. I haven't discussed this with my husband as, frankly, right now, he's not able for it.
Thanks so much for reading this!
Sarah
Our largest creditor is the Revenue Commissioners.
We have started on the road to Voluntary Strike off and have a letter of no objection from the Revenue Commissioners. As part of the vol strike off, we must product accounts which, firstly, we do not have the money to pay for and which secondly, we do not have the time to produce. We received a letter which tells us that unless all accounts are completed within 2 weeks, we will be struck off involuntarily. The amount of work involved in getting stuff to an accountant that we cannot afford, is phenomenal and cannot be done by me.
A little bit of background........ We went into liquidation as a result of the business losing money, as a result of us taking our eye off the ball for a number of months. My husband was seriously ill, we lost a very close family member and I had a major illness... all in the space of a few months. The business spiralled out of control and our only option was to wind it up. Our health problems were such that to continue would have been dangerous to our health and family. As a result of everything that has happened, my husband (who is the business brain in the operation!) is very severely depressed at the moment. He suffers from clinical depression and cannot handle stress right now. We know this will pass as he is very close to recovery and we know that my old hubby will be back with us again. But the crux of the problem is that I cannot tell him that we're about to be struck off. From my knowledge of his illness, I know that it could push him over the edge and I'm terrified that if I do, he and our family will become a statistic.
I don't understand the ins and outs of the accounts side of things. That's all his 'baby' if you know what I mean.
So, I'm trying to figure out whether we should just let the strike off take place. Our old accountant told us at the time that he would always be able to testify that we never traded recklessly so we have that going for us. Does the letter of no objection from the Revenue Commissioners mean anything for the future?
Sorry, I should have clarified... our only fear, in terms of money owed, is that the Revenue Commissioners will come after us for the amount owed and will demand it now. Does the letter from them mean that they have written if off and won't look for it?
So, to summarise... what is the worst that can happen to us?
Can the RC request all monies to be paid by us as directors?
It was a limited company, I understand it loses it's limited liability status once it's struck off - is that correct?
Can any of the other creditors (who have told us they have written off the debt) come seeking money?
Does the fact that we have no money or property stand to us in any way?
What else will happen? Will we be named personally in Stubbs Gazette or some such publication? Will it be a quiet affair or a very public hanging??
Any advice or information you have would be so gratefully appreciated. I haven't discussed this with my husband as, frankly, right now, he's not able for it.
Thanks so much for reading this!
Sarah