Ltd Co Assets to Director

In the process of winding up a ltd co. Directors are owed over 100K. Fixed assets are worth around 30k. Can the assets be transfered to directors as trying to close down the company. Deregistered for vat last year.

Assuming that there are no other creditors, the assets can be transferred to the directors as legitimate crediitors of the company.
I am not an insolvency expert & would advise you to consult your accountant on the matter.

Is the company solvant or insolvant?

If it is insolvant and there are other creditors, then you have to be very careful if you transfer assets to the directors as this would be a clear case of fraudulant preference.

Regards

capnhand

The directors have put in money to clear off all creditors and tax liabilities. Really all that is left in co is some fixed assets and large directors loans. Just wondering would there be any issue with tranfering fixed assets to directors. I know with motor vehicles there can be vat issues.

The company should have accounted for the VAT on the assets when it deregistered so check that out and if all creditors have been paid you should be ok to transfer them out.

Careful how you proceed here. Ensure all creditors are paid first, including anything owing to directors. Then in my knowledge it is the shareholders that are the owners of the remaining assets. Directors are simply in place to manage the company on behalf of the shareholders who are the legitimate owners of the company. Maybe they are the same people as the directors but the percentages of ownership by shareholders should define who owns what percentage of what.