When a director wants to liquidate a company there are considerations that may not be apparent at the time of signing the liquidation papers.
Have dividends have been paid at the time the company was insolvent? Is there an overdrawn directors loan account?
Are there any unrealistic expenses claimed by the director? When did the company become insolvent?
These questions could have a significant impact on the amount of money a liquidator could claim against a director.
If the answers to these questions result in a big claim against the director from the liquidator then the idea to liquidate a company may change to saving the company.
This is where a Company Voluntary Arrangement can be useful. You probably would want to keep trading the company if only you could get the creditors to agree to a slow repayment of the historic debt.
This is in essence what a Company Voluntary Arrangement does. This could undoubtedly be a cheaper option in the long term.
So if you want to liquidate a company then take your time to consider your options.
Call TaxGone on 01302 815846. Liquidations are from £3,500 plus vat. Saving the company can be free.
TaxGone - Company Voluntary Arrangement - CVA Specialists
from TaxGone http://ift.tt/1rqgM6J
via IFTTT
No comments:
Post a Comment