Had a company fold on me.
Discussion
So it looks like I will not get paid b
ds.
They have gone belly up and no thought for me or the other various work forces they had employed.
Not only that they have not paid their Corp tax, VAT or anything. So how the hell does that work?
Cant the HMRC sell the fkers house or is that in another persons name? Is the business registered to a PO Box?
Someone explain how the hell companies can not pay anyone and get away with it, because for the life of me I need to know.
For a change google is not being helpfull in finding out "hows operate" although I maybe using the wrong search terms.
I bet my corp tax goes up because of these utter utters.
Calm down Allan
ds.They have gone belly up and no thought for me or the other various work forces they had employed.
Not only that they have not paid their Corp tax, VAT or anything. So how the hell does that work?
Cant the HMRC sell the f
kers house or is that in another persons name? Is the business registered to a PO Box?Someone explain how the hell companies can not pay anyone and get away with it, because for the life of me I need to know.
For a change google is not being helpfull in finding out "how
s operate" although I maybe using the wrong search terms.I bet my corp tax goes up because of these utter utter
s.Calm down Allan
Lots fold every week, it is unfortunately a sad fact of life, not a lot you can do about it, speak to the receivers, however by the time they and then HMRC get their share, there won’t be anything left for the real creditors like yourself.
It's st, have been in the same position, worst part for me, was that like yourself, there was no word on their problems prior to the shutters coming down and my invoices going unpaid 
It's s
t, have been in the same position, worst part for me, was that like yourself, there was no word on their problems prior to the shutters coming down and my invoices going unpaid Edited by AndrewW-G on Sunday 31st October 20:36
AndrewW-G said:
Lots fold every week, it is unfortunatley a sad fact of life, not a lot you can do about it, speak to the recievers, however by the time they and then HMRC get their share, there wont be anything left for the real creditors like yourslef.
It's st, have been in the same position, worst part for me, was that like yourself, there was no word on their problems prior to the shutters coming down and my invoices going unpaid
It still does not explain how these fIt's s
t, have been in the same position, worst part for me, was that like yourself, there was no word on their problems prior to the shutters coming down and my invoices going unpaid kers close shop and dont pay anything to HMRC or me.it is like they shut the doors and that is it, no one gets anything. Do they empty the accounts and have everything owned by their goldfish?
Pisses me off that:
A: I get f
k allB: Although I am slightly happy that the HMRC get f
k all for a crap tax from a lefty bunch of s, but to be honest that is a personal point of view. But still they dont pay it and get away with it for me to pay more.....SI have written off some substantial bad debts in the last 5 years, painfull it is.
One company that went bust had never ever paid a penny in VAT or income Tax, they traded fir 4 years and to this day i have no clue how they got away with it. In total they owed around £800k in taxes. Both directors walked away scott free, in total the company went down for £2.8M.
Anyway, that's an extreme example. I think what happens is a liquidator will weigh up the worth of the business in monies owed in and assets. They then calculate the debt owed out. Basically the tax office and banks are 'secured creditors' they get first dibs on any monies that may come along. Unsecured creditors are other suppliers be it sub contract engineers, couriers, cleaners, etc. If you are lucky you may see a few pence for every pound you are owed.
You can write all bad debts against profits which in my case has been very handy.
One company that went bust had never ever paid a penny in VAT or income Tax, they traded fir 4 years and to this day i have no clue how they got away with it. In total they owed around £800k in taxes. Both directors walked away scott free, in total the company went down for £2.8M.
Anyway, that's an extreme example. I think what happens is a liquidator will weigh up the worth of the business in monies owed in and assets. They then calculate the debt owed out. Basically the tax office and banks are 'secured creditors' they get first dibs on any monies that may come along. Unsecured creditors are other suppliers be it sub contract engineers, couriers, cleaners, etc. If you are lucky you may see a few pence for every pound you are owed.
You can write all bad debts against profits which in my case has been very handy.
Allanv said:
AndrewW-G said:
Lots fold every week, it is unfortunatley a sad fact of life, not a lot you can do about it, speak to the recievers, however by the time they and then HMRC get their share, there wont be anything left for the real creditors like yourslef.
It's st, have been in the same position, worst part for me, was that like yourself, there was no word on their problems prior to the shutters coming down and my invoices going unpaid
It still does not explain how these fIt's s
t, have been in the same position, worst part for me, was that like yourself, there was no word on their problems prior to the shutters coming down and my invoices going unpaid kers close shop and dont pay anything to HMRC or me.it is like they shut the doors and that is it, no one gets anything. Do they empty the accounts and have everything owned by their goldfish?
Pisses me off that:
A: I get f
k allB: Although I am slightly happy that the HMRC get f
k all for a crap tax from a lefty bunch of s, but to be honest that is a personal point of view. But still they dont pay it and get away with it for me to pay more.....SAlthough the company had been in trouble, it was trading out of this and had found light at the end of the tunnel.It had returned to profit (during a recession, and despite having a company go bust on him for over £20k), and profit forecast for the current year was £90k. Yet the bank pulled funding overnight (needlessly) due to an oversight.
No choice but to liquidate.
I have also seen liquidators fees as high as £625 per hour i kid ye not....its not surprising that most creditors see very little......
mouseymousey said:
Whilst I sympathise, as I've been in the same situation a couple of times, if you don't understand how this sort of thing happens then maybe you shouldn't be running a business that provides credit.
The concept of limited liability companies came about to enable people to start businesses, which always carries an element of risk, without risking their personal assets.
It is illegal to continue to trade whilst insolvent and this can happen for many reasons very quickly. That's why some go belly up with little notice.
Unfortunately, as has been mentioned, some people milk the system.
Hard luck Allan, do you know the owner of the company personally? Sometimes they do unofficially pay up, you can bet your bottom dollar he has got the money to do so.
Makes me sick, look at those holiday firms that went bust in the height of the summer after they had taken the maximum amount of punters money. The MD's will be relaxing in their London pads right now.
Makes me sick, look at those holiday firms that went bust in the height of the summer after they had taken the maximum amount of punters money. The MD's will be relaxing in their London pads right now.
mouseymousey said:
Whilst I sympathise, as I've been in the same situation a couple of times, if you don't understand how this sort of thing happens then maybe you shouldn't be running a business that provides credit.
That's why they get away with this type of fraud so easilly.If Allan is a sub contactor what do you suggest he should have done, asked to be paid before he carried out the work?
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