Winding up a Ltd company & notifying creditors
Winding up a Ltd company & notifying creditors
Author
Discussion

Buster Bakdorzin

Original Poster:

16,277 posts

296 months

Wednesday 6th August 2008
quotequote all
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.

mybrainhurts

90,809 posts

286 months

Wednesday 6th August 2008
quotequote all
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.

xllifts

3,724 posts

234 months

Wednesday 6th August 2008
quotequote all
Hi mate post this on in business forum there is a chap on there that specialises in this area i can't remember his name but when mrs comes in i'll ask her as she has used him and he is good.
HTH
Dave

mybrainhurts

90,809 posts

286 months

Wednesday 6th August 2008
quotequote all
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....

xllifts

3,724 posts

234 months

Wednesday 6th August 2008
quotequote all
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....
Special deal for mateswink

mybrainhurts

90,809 posts

286 months

Wednesday 6th August 2008
quotequote all
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....
Special deal for mateswink
I smell a rat. She's got bubonic plague, hasn't she...?

xllifts

3,724 posts

234 months

Wednesday 6th August 2008
quotequote all
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....
Special deal for mateswink
I smell a rat. She's got bubonic plague, hasn't she...?
Shhhh don't let on i've got another days pimping before her arms fall off.....

1

2,732 posts

267 months

Wednesday 6th August 2008
quotequote all
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.

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!

mybrainhurts

90,809 posts

286 months

Wednesday 6th August 2008
quotequote all
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....
Special deal for mateswink
I smell a rat. She's got bubonic plague, hasn't she...?
Shhhh don't let on i've got another days pimping before her arms fall off.....
rofl...you daft twaaat

xllifts

3,724 posts

234 months

Wednesday 6th August 2008
quotequote all
mybrainhurts 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....
Special deal for mateswink
I smell a rat. She's got bubonic plague, hasn't she...?
Shhhh don't let on i've got another days pimping before her arms fall off.....
rofl...you daft twaaat
hehe

bmw2002

8,596 posts

255 months

Wednesday 6th August 2008
quotequote all
Nothing changes eh Dave, hows you?

xllifts

3,724 posts

234 months

Wednesday 6th August 2008
quotequote all
bmw2002 said:
Nothing changes eh Dave, hows you?
Hey Mr N not bad.How are you? need to book a table for spec occasion soonwink

Saw a car at the DTM you would have loved a 2002 ti in full race spec no photo's i'm afraid but was lovely!

Buster Bakdorzin

Original Poster:

16,277 posts

296 months

Wednesday 6th August 2008
quotequote all
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.

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.

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.

xllifts

3,724 posts

234 months

Wednesday 6th August 2008
quotequote all
Just spoke to Mrs on phone she say's chaps name is James but can't remember his company name.

Buster Bakdorzin

Original Poster:

16,277 posts

296 months

Wednesday 6th August 2008
quotequote all
xllifts said:
Just spoke to Mrs on phone she say's chaps name is James but can't remember his company name.
Cheers. Isnt he the insurance specialist?

1

2,732 posts

267 months

Thursday 7th August 2008
quotequote all
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

8,596 posts

255 months

Thursday 7th August 2008
quotequote all
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!!

1

2,732 posts

267 months

Thursday 7th August 2008
quotequote all
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!!
Jamesuk28wink










Another good reason for keeping your login nice and simple.

Edited by 1 on Thursday 7th August 00:24

bmw2002

8,596 posts

255 months

Thursday 7th August 2008
quotequote all
1 said:
Jamesuk28wink
Thats the fella! Thanx

xllifts

3,724 posts

234 months

Thursday 7th August 2008
quotequote all
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!!
Thanks mate its me age you know can't remember Jack......