Pre- pack administrators
Discussion
Sorry the phrase might make some turn in their grave but can anyone reccomend one?
All I've had are total con men or others that have changed their minds and offered a voluntary liquidation, Seems like the wild west out there
Ps...no creditors are to be stung in this b.t.w, I just need a smooth transition
All I've had are total con men or others that have changed their minds and offered a voluntary liquidation, Seems like the wild west out there
Ps...no creditors are to be stung in this b.t.w, I just need a smooth transition
If no creditors are being stung maybe the professionals you’ve spoken to are on the right track. My understanding of a pre pack is the exact situation where there are lots of creditors and the transition couldn’t happen without them being hit.
I guess if you were the only creditor then that might be different but the devil is n the detail and don’t forget longer term things like tax allowances
I guess if you were the only creditor then that might be different but the devil is n the detail and don’t forget longer term things like tax allowances
What i would say, HMRC's response to this will be more likely driven by whether you have an ongoing enquiry or something they've flagged and if that's the case how much effort the officer has put in.
As for your lease, it it's purely against the company and no guarantees of any kind, that is a textbook exercise in good planning because you'd be 1 in a million since almost every lease has a guarantor sitting somewhere.
Like I posted before on something else, only you know the real situation and until you work out all the permutations I'd be wary of getting outside help in, you've gone from no one being stung to at least 3 parties being at risk, it's not hard a blank piece of paper and include anything you've taken and how it's been accounted for and anything you or previous directors have signed on leases because if you have, the Landlord will have their copy.
As for your lease, it it's purely against the company and no guarantees of any kind, that is a textbook exercise in good planning because you'd be 1 in a million since almost every lease has a guarantor sitting somewhere.
Like I posted before on something else, only you know the real situation and until you work out all the permutations I'd be wary of getting outside help in, you've gone from no one being stung to at least 3 parties being at risk, it's not hard a blank piece of paper and include anything you've taken and how it's been accounted for and anything you or previous directors have signed on leases because if you have, the Landlord will have their copy.
Don't want to go into too much detail, director skipped Town citing nervous breakdown after losing a big contract and x2 members of staff left that were running it...seems they 'forgot' to pay hmrc and thought we could trade out of the issue.
All a proper mess and I'm clutching at straws really, will be a cvl which should have happened 2 days ago but I'm being messed around by a liquidator.
All a proper mess and I'm clutching at straws really, will be a cvl which should have happened 2 days ago but I'm being messed around by a liquidator.
If you looking at liquidation then the first thing you need to consider as a director (I assume), and shareholder (I assume), is;
a) do you have any personal guarantees for the lease
b) do you have an overdrawn directors loan account (obviously it you pay yourself 'dividends' then this will be the case)
Obviously the leasing party will try to recover any monies from you if you have personal guarantees, albeit many PG's aren't worth the paper they are written on these days.
As for an overdrawn directors loan account, regardless whether the appointed liquidators are the nicest people you've met, the reality is that will all change and they will come after you for any overdrawn account monies.
In my experience liquidators are the most corrupt people I have ever dealt with. I've worked with a few after companies I've worked for went into liquidation, as they generally keep the commercial person on the payroll for a while to try and recover any monies owed to them from clients, etc.
a) do you have any personal guarantees for the lease
b) do you have an overdrawn directors loan account (obviously it you pay yourself 'dividends' then this will be the case)
Obviously the leasing party will try to recover any monies from you if you have personal guarantees, albeit many PG's aren't worth the paper they are written on these days.
As for an overdrawn directors loan account, regardless whether the appointed liquidators are the nicest people you've met, the reality is that will all change and they will come after you for any overdrawn account monies.
In my experience liquidators are the most corrupt people I have ever dealt with. I've worked with a few after companies I've worked for went into liquidation, as they generally keep the commercial person on the payroll for a while to try and recover any monies owed to them from clients, etc.
tumble dryer said:
Ken_Code said:
I think at this it’s a fair bet that the OP is actually trying to screw over his creditors but to keep control of the assets.
Nice judgement call there, Ken. A bit too much sanctimony in that post for my liking.Not sanctimonious at all, it's Ken's opinion based on the facts we have, people struggle with dissonance and if a company fails that's unfortunate but at least accept that you are stuffing someone to survive. The counter argument is all fair in love and war.
As a supplier I guess you should manage your risk but regardless of anything, Phoenixing is alive and well, the difference is a grabby liquidator and they are grabby because if agree x fee, they'll be looking to hoover anything else up at the expense of creditors.
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