Hi, I am a director of a small company where I am the secretary also, I am facing a large bill (s) from the Revenue for various returns not yet filed.
I am probably looking at around 20k before penalties and interest in vat and P35. They have already written to me giving 21 days notice to supply outstanding returns and pay all balances.
If the company is insolvent what happens to the revenue debt?
Does it pass to you in a personal debt?
If so what is the point of having a limited liability company?
Any advice would be very useful
No, if you have a limited company you are legally a limited company, there will be other company directors (unless it was formed under the new limited forms; DAC, Ltd etc.)If BeeGee is also 100% owner of the company I thought revenue would treat him as being a sole trader?
Hi , I haven't been intentionally using the Vat money but I suppose it would appear that way."Revenue will be pretty much the main creditor and the business will not have the capability to pay these bills and provide me with enough take home pay simultaneously."
So you have been using the Vat money as your living expenses?
Hi, it's a normal small company scenario with two directors.No, if you have a limited company you are legally a limited company, there will be other company directors (unless it was formed under the new limited forms; DAC, Ltd etc.)
A friend of mine was in the same situation he owed 150k to revenue. He appointed a liquidator called a creditors meeting. All over in a few minutes, job done. So don't worry
Hi Patg,Did you inform revenue that you had ceased trading and that struck off from CRO. Was their final accounts
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