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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3696
Experience:  Solicitors 2 years plus PQE
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Hi, how do i go about closing my Ltd company down we our finding

Resolved Question:

Hi, how do i go about closing my Ltd company down we our finding it hard to keep trading from non payments from other company the company don't really have anything as its in my sole trader name still whats my next step because i'm behide on VAT at the moment
Submitted: 3 years ago.
Category: Law
Expert:  Alex J. replied 3 years ago.
Hi

Thank you for your question and welcome.

My name is XXXXX XXXXX I will assist you.

Do you have any other creditors? Do you intend on paying the VAT Bill?

Kind regards

AJ
Customer: replied 3 years ago.

Hi AJ


 


Yeah we have other creditors to pay but the company don't have the funds to pay them but i could pay the VAT over time


 


Thanks


 


Craig

Expert:  Alex J. replied 3 years ago.
Hi

Thank you.

Do you have an accountant?

What you should do is put the company into liquidation but this is very expensive.

What I would suggest you do is speak to an account and arrange to stop trading as soon as possible. You potentially committing wrongful trading under the Insolvency Act and that could hold you personally liable for the company debts. This is where you trade a company having known or ought to have known it was insolvent.

Once you have stopped trading in all likelihood either one of your creditors will seek to wind the company up, or if this has not been done after three months you can seek to have he company dissolved.

The most important thing is to go and speak to an account and see how you can cease trading in an orderly fashion.

Kind regards

AJ
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