Winding up a Ltd company & notifying creditors
Discussion
If a Ltd company has unpaid invoices, and doesnt pay them, one can legally chase them.
What are the general procedures surrounding a director winding up his company, with regards to notifying creditors (if the company has any) that they are winding up, if the company has no intention of paying outstanding invoices?
A Ltd co owes me some hard earned, I have a feeling they are winding down, and Id like to know whether the director would (hopefully) have some repercussions, and what they might be (for him personally) if he did simply wind up a company without paying unpaid debts.
Is anyone familiar with the procedures? And what can be done to chase up, if the company is winding down?
Many thanks in advance.
What are the general procedures surrounding a director winding up his company, with regards to notifying creditors (if the company has any) that they are winding up, if the company has no intention of paying outstanding invoices?
A Ltd co owes me some hard earned, I have a feeling they are winding down, and Id like to know whether the director would (hopefully) have some repercussions, and what they might be (for him personally) if he did simply wind up a company without paying unpaid debts.
Is anyone familiar with the procedures? And what can be done to chase up, if the company is winding down?
Many thanks in advance.
The liquidator will be in touch with you, unless the amount owed to you doesn't appear in the company's books.
In that case, you'll see details of the liquidation in the public notices of your local paper if the company is local to you. You then have a set time to present your claim to the liquidator.
Start watching the press notices every day.
Remember the actual name of the company might be different from its trading name.
In that case, you'll see details of the liquidation in the public notices of your local paper if the company is local to you. You then have a set time to present your claim to the liquidator.
Start watching the press notices every day.
Remember the actual name of the company might be different from its trading name.
mybrainhurts said:
xllifts said:
mybrainhurts said:
xllifts said:
when mrs comes in i'll ask her as she has used him and he is good.
Blimey, that's generous of you....
Buster Bakdorzin said:
If a Ltd company has unpaid invoices, and doesnt pay them, one can legally chase them.
What are the general procedures surrounding a director winding up his company, with regards to notifying creditors (if the company has any) that they are winding up, if the company has no intention of paying outstanding invoices?
A Ltd co owes me some hard earned, I have a feeling they are winding down, and Id like to know whether the director would (hopefully) have some repercussions, and what they might be (for him personally) if he did simply wind up a company without paying unpaid debts.
Is anyone familiar with the procedures? And what can be done to chase up, if the company is winding down?
Many thanks in advance.
Very few repercussions for the directors if they do things correctly. What you can do really depends on the state the company is in and if there are intending to dissolve or liquidate the company. If they are thinking of winding up then I suspect they have a negative net worth. Unfortunately it is unlikely you will get much, all to often there is nothing left once the preferential creditors (Inland revenue, VAT, employees) have had their share.What are the general procedures surrounding a director winding up his company, with regards to notifying creditors (if the company has any) that they are winding up, if the company has no intention of paying outstanding invoices?
A Ltd co owes me some hard earned, I have a feeling they are winding down, and Id like to know whether the director would (hopefully) have some repercussions, and what they might be (for him personally) if he did simply wind up a company without paying unpaid debts.
Is anyone familiar with the procedures? And what can be done to chase up, if the company is winding down?
Many thanks in advance.
If it were me, I would get myself down to their offices before the go and make myself a real pain in the arse. They may just give you something to go away!
xllifts said:
mybrainhurts said:
xllifts said:
mybrainhurts said:
xllifts said:
when mrs comes in i'll ask her as she has used him and he is good.
Blimey, that's generous of you....
...you daft twaaatmybrainhurts said:
xllifts said:
mybrainhurts said:
xllifts said:
mybrainhurts said:
xllifts said:
when mrs comes in i'll ask her as she has used him and he is good.
Blimey, that's generous of you.......you daft twaaat
mybrainhurts said:
Start watching the press notices every day.
Remember the actual name of the company might be different from its trading name.
I invoiced a Ltd company.Remember the actual name of the company might be different from its trading name.
Surely this over rides any trading name, as the chap is using the Ltd Co as a trading vehicle, which is the entity from which Im seeking payment, irrespective of names it might have attempted to trade under?
1 said:
Very few repercussions for the directors if they do things correctly. What you can do really depends on the state the company is in and if there are intending to dissolve or liquidate the company. If they are thinking of winding up then I suspect they have a negative net worth. Unfortunately it is unlikely you will get much, all to often there is nothing left once the preferential creditors (Inland revenue, VAT, employees) have had their share.
If it were me, I would get myself down to their offices before the go and make myself a real pain in the arse. They may just give you something to go away!
My first ever Job was for a company who "Liquidated" - As I understood it, Liquidation - like peeing oneself - is when all attempts to succeed in a dignified manner have failed, and you are marched to the wall whereupon you hand over your soiled garments, everything being stripped from you, accounts and assets, locks, lines of credit and bank accounts (etc) are all automatically frozen. I got nothing in that instance, despite being owed a pretty penny, and hoped this company didnt have to liquidate. I suspect they didnt, but are simply winding down, and walking away from one of their only creditors, which I (guess) suspect is just me.If it were me, I would get myself down to their offices before the go and make myself a real pain in the arse. They may just give you something to go away!
I got the impression this company never really traded, just started up, decided (before starting up fully) that it wasnt going to trade, and walked away from the start up costs with a "Sod off" type view of creditors that had helped the company establish a brand (web in my case).
So from what little I know, Id assume/guestimate that that the trading vehicle didnt need to liquidate. And simply sodded off, as such.
A credit check (to be confirmed tomorrow) on creditsafe indicated that the company status was "Dissolution" which Im guessing means dissolving - hence my post.
Buster Bakdorzin said:
A credit check (to be confirmed tomorrow) on creditsafe indicated that the company status was "Dissolution" which Im guessing means dissolving - hence my post.
If they are already shown as "dissolution" then they are already wound up. In that case as a creditor you should have been informed and could have objected to the dissolution. Although you can disolve a company which has debts, it is quite unusual unless they are relatively minor debts and it is therefore unlikely that the creditors will object.
Companies house website has lots of useful info, if they didn't adhere to the rules for dissolving a company then you can get it reinstated and get a CCJ against them. Again it is just about making yourself a pain in the arse in the hope they will pay you off.
Good luck.
bmw2002 said:
xllifts said:
Just spoke to Mrs on phone she say's chaps name is James but can't remember his company name.
Its something like James27uk, I know who you mean, I'll go on a hunt!!Another good reason for keeping your login nice and simple.
Edited by 1 on Thursday 7th August 00:24
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