In January 2008 I set up a limited company, an online shop. I took a loan of €25k with Bank of Ireland and it was repayable over 2 years. This was in April 08. There were a variety of delays and the shop itself didn't launch until December 08. Because of this delay, most of the loan went towards repaying the loan and by the time we launched there was only a small bit of cash left for marketing and the launch I had in mind. I'm now in the position that there's no money coming in and the bank is owed €16,500. I have no personal guarantee for the loan and amn't in any big debt to the Revenue. Can anyone advise on the options and implications of liquidating the company? I have a small amount of stock, but nowhere near €16,500's worth.
Any advice is appreciated
Any advice is appreciated