There is no problem per se with the company being technically insolvent, where the only substantial creditor is the director's loan - trading while insolvent is only a problem if you are recklessly trading i.e. jeopardising your trade creditors / providers of finance...
Certainly there is a S.40/S.41(?) issue that requires a note in the balance sheet, convening of an imaginary EGM etc... but that is only company law compliance stuff.
What I'm trying to get at, is that you need to consider why you require the company to be solvent - if it's for the bank to continue facilities, or to avoid exposing yourself to being held personally liable in the event of a winding up, then you need to get it sorted. But if it's merely because you have an aversion in principle to the negative balance sheet, you need not necessarily be sweating over it. (Circumstances are everything: Before anyone jumps on me, I am NOT advocating that it is generally OK to trade while insolvent!)
The compliance issue, if there is one, should be addressed as you don't need the CRO or worse the ODCE crawling around for something like this.
As both entities are short of mula, they will be quick to impose whatever fines they can, especially the ODCE while we wait ten years to find out what they make of Seani and Friends
The CRO filing will tell a lot here
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