toddle2u
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Everything posted by toddle2u
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Please see answers below in red
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Iva
toddle2u replied to battyman's topic in Formal Solutions: Bankruptcy, Administration Orders, Debt Relief Orders and IVAs
Yes all unsecured debts go into an IVA -
lowells bankruptcy pertition *** dismissed ***
toddle2u replied to steve221977's topic in Financial Legal Issues
You know so little!! -
Still makes no sense - BR followed by IVA without an annulment??
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Elctrica77 Thanks for updating us of the situation and glad it was a positive outcome if a bit long winded!!
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Yes you have to pay their fees that they have incurred
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How about 3 years to late!!!
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They can't! All IP's are Officers of the Courts and they have a duty to investigate the affairs of the company and the conduct of the Directors. They also have a duty to get the maximum return for creditors so if they see a o/d DLA they have to try and get it back. In reality the IP will see the o/d DLA as extra fees for them and will therefore chase it harder to get it from you rather than trying to realise the money for the benefit of creditors The OR is the Official Receiver No need to submit Vat returns
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Leave it dormant
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Tell her your taking insolvency advice with a view to potentially liquidating the company and see what she says
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Yes letters fine to go
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The CCJ will be registered and now public knowledge and listed in the Stubbs Gazette which these firms use. You will now get plenty of these calls and letters. As advised you can still go for the strike off or wait for HMRC to appoint a liquidator and take your chances with the OR
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Trading whilst insolvent is very difficult to prove and proceedings against you for this can only be started by the Insolvency Practitioner. The IP also needs funds to bring this action and they also need to believe that you have the funds or assets to be able to repay the money for them to make it worth there while coming after you for it. If you think there is a chance of this I would look to appoint your own IP. If you want any recommendations drop me a PM
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£7K + Vat!!!!!!!! Outrageous! Either way if the company is liquidated by an IP nominated by yourself or the OR you will not get a mark against you personally. If the Liquidation goes to the OR you will need to attend an interview to explain the circumstances of the company insolvency. It won't cost you anything and yes there may be a few awkward questions but hey what can they do - you haven't committed murder!! However, if people have the funds to appoint their own liquidator I would always advise them to do this mainly because it's 'cleaner' and less hassle. If you have only the one creditor you should be able to get this done for £2.5K plus Vat. If you haven't got the funds though let HMRC appoint a liquidator and you will have to do the interview with the OR
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cease to trade it then and let all creditors know you have done this and that it has no assets. The in 3 months time strike it off at Companies House
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Yes it is perfectly legal to do so. Does the company have an assets? Remember you are totally seperate to the Ltd Co and so are your own assets
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I agree with this totally - DMP's aren't really a long term solution but they do buy people time to explore other options. I beleive I have come across a few ethical DMP companies and IP's who admittedly are in it to make money but do act and advise in the best interests of the debtor. Unfortunately they are few and far between and the industry needs far more regulation (DMP's not IP's who are already highly regulated). I think these tough times people are experiencing at present are not going to get any better any time soon and in fact think they are going to get a whole lot worse so access to good impartial advice is going to become more essential as time passes
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The problem you will have here is if you have been taking dividends illegally from the company i.e. withdrawing them when there wasn't enough profit to do so. In this instance if this is the case and the company went into a Liquidation you could be asked to pay it back by the IP or OR. The other instance when you could be pursued personally is if you are found guilty of wrongful trading or trading whilst insolvent. Only an IP can bring this action and they will only do so if they think they will be able to get something from it and they have the funds to bring the action from the Liquidation. From what you have said I think this would be highly unlikely and also it is very difficult to prove. With regards to running another Ltd Co after the original Co goes into Liquidation there is no problem with this as long as you have not received a Directors ban (which again takes time). Personally I would cease to trade the Ltd Co as of now due to its liabilities. I take it the company has no assets? You can then either set up a new Ltd Co and trade through that or go as a sole trader.
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If the strike off application goes through there will be no IP involved Complete the DS01 form which you can get off the companies house website send it off with a cheque for £10. If HMRC object to the strike off let us know
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No it's the Ltd Co debt not yours. They can only do this if you have been found beguilty of wrongful trading or trading whilst insolvent. Only an Insolvency Pracitioner can instigate these proceedings and as it is unlikely that an IP is going to be appointed you can't be done for this. There are other instances but they are not relevant here. Don't file them and don't get accountant to do any more work. You could try asking for your money back - you never know I doubt it but it's worth asking. Don't pay anymore. Just ring them tell them you've ceased to trade and the company has no assets and you intend to apply for a strike off. Also put this in writing to them and any other creditors No and no Don;t pay him another penny. It's a waste of money as you don't need to file accounts and he sounds useless Ask for it back
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Would you include IP's offices in this as well? As obvioulsy they are fee charges. But without them you can't have IVA's, CVL's, CVA's etc
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The OP's Bankruptcy would mean that he could no longer be a Director of the Ltd Company not necessarily the end of it as it is a total seperate legal entity from the OP. Ther BR does not someone else being a Director and the OP can become an employee of the company. Again 2 seperate things a Ltd Company cannot be in an IVA. Howevver a Director of a Ltd company can be
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No they are not forced to extend the IVA by 12 months but you could be forced to sell the property to release the equity. Depends on the wording of the IVA
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They can apply to the courts for a redetermination of the amount being paid. No need to give them any furthe information unless they make the application to court
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You can't do this because you were an unsecured creditor at the time of the debtors BR. You can't then withdraw your claim and make yourself a secured creditor
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