How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask tdlawyer Your Own Question
tdlawyer
tdlawyer, Lawyer
Category: Law
Satisfied Customers: 1096
Experience:  11 years experience of general practice.
73598664
Type Your Law Question Here...
tdlawyer is online now

I am looking to wind my company up as I can not seem to make

Customer Question

I am looking to wind my company up as I can not seem to make my way out of difficult situation


 


Here is my situation


Company owes me as director £206,000 which i loaned to company to help buy mixed use property part reidential which me and family live in and part commercial where my company trades from


me and company joint own property to value of £1,000,000


Company has loan on property of £200,000 which me as director will be liable for as it has directors guarantees


I owe vat £4700


I owe suppliers total £20,000 approx


I am posting a profit this tax year end may 31st of £150,000


I have no savings personal or business


Can the property and liability for loan be transfered to me personally and then wind up company ? or something along those lines as this month is crucial for me and not sure if I can stay on top

Submitted: 3 years ago.
Category: Law
Expert:  tdlawyer replied 3 years ago.

tdlawyer :

Hello, welcome to the website. My name is Tony, I can assist you with this.

tdlawyer :

The property and associated loan can be transferred to you if (a) you transfer it to you at market value and (b) the lender with the mortgage agrees to you doing this.

tdlawyer :

The lender's consent is essential and if the company did sell it at a less than market value then the liquidator of the company would be coming back to you later and transferring it back to the company. You would then be left with an unsecured claim against the company for the money paid for the transfer - which is not a good position to be in.