My husband has a small business, a Company, of which he and I are the directors/shareholders. Over the last few years he has been struggling, and now we have come to the sad acceptance that he’s not going to be able to trade out of the current problems and the business is gone. He owes money to a lot of people (some of whom have instituted legal proceedings), including Revenue who blocked his bank account a few months ago. There is no way we will be able to pay anyone. I work part-time and my salary doesn’t cover the household bills as it is, and he won’t be entitled to anything from Social Welfare as he’s effectively self employed.
So what should we do? There is no money for anything, not an accountant, liquidator – anyone. How do we close the Company down without incurring costs, and will we be personally liable for the Company’s debts? (to my knowledge no personal guarantees have ever been given). Or do we just wait until Revenue close it down? He’s not trading at all any more.