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My company cannot meet its trading costs and is in debt, what can I do?

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We can help with serious company debts, HMRC and creditor pressure, VAT/PAYE/Tax arrears, cashflow problems and raising finance.

My company cannot meet its operating costs and is in debt

I have a company that can not make its payments anymore, it has close to a £15,000 debt in rent arrears, stock of no more than £4000, the company its self owes me roughly £40,000, i am a guarantor on the company premises, which we owe all the rent on. I need to get the company wound up as soon as possible so the rent stops being owed on the premises so my end bill will be as small as possible. What options do i have if any?


Answer

From what you say creditors voluntary liquidation would appear to be the most appropriate option available to you. This is a simple process particularly as you appear to be the largest creditor. However I would want to see some up to date financial information before confirming this as it is possible (albeit unlikely) that a different option is more appropriate.

As a company director when it is apparent (or should be apparent to a reasonably competent company director) that a company cannot avoid insolvent liquidation they have an obligation to ensure the interests of creditors take priority over all others. A failure to do so can result in the director having to contribute to the assets of the company personally.


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