question category: Bankruptcy

What happens if my limited company goes bankrupt owing corp tax?
Submitted on: 26th Oct 2009 by Non-Member | Total Answers: 5

Hi,

Firslty, can a limited company declare bankruptcy?

The company owes corp tax, but the money isn't there to pay, what happens if I declare bankruptcy, I have made no personal guarantees for the debt?

Answer this question

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Re: What happens if my limited company goes bankrupt owing ...

If you live in England and Wales, there is technically no such thing as bankruptcy for companies - despite what the newspapers and TV tell us.

Limited companies have several different procedures - the equivalent to bankruptcy being liquidation.

If your limited company is insolvent and cannot pay its debts, especially its tax -you should stop trading and get advice immediately, it can be a very serious matter to trade while insolvent and the directors can be personally liable to fines or imprisonment.

A licensed insolvency practitioner or Business Debtline would probably be the best place to get specific advice.

http://www.bdl.org.uk/

If you declare yourself bankrupt, your debts and your liability for company debts will be dealt with but you will not be able to form manage or act as director for a limited company while bankrupt.

Submitted on: 27th Oct 2009 by Darren Member

0
 

Re: What happens if my limited company goes bankrupt owing ...

Have the purchaser replica louis vuitton asked you louis vuitton handbag have to make your private replica louis vuitton bag piece with louis vuitton bikini builder purses and handbags these types of supplment louis vuitton bikini your distinctively and louis vuitton hat appear nature louis vuitton luggage herself? louis vuitton sunglasses Affirmative the answer then is louis vuitton suitcase advantageous just designer louis vuitton luggage bags are louis vuitton men wallet one accessory lv sunglasses that can't replica louis vuitton handbags fill it louis vuitton t-shirt avoided for this, you louis vuitton purses pick up louis vuitton hats it in terms louis vuitton sunglasses of replica Louis Vuitton the costume and about what ways replica louis vuitton bags state of affairs. They louis vuitton shoes make louis vuitton wallet you look lv belt sturdier b and louis vuitton t shirt all replica louis vuitton handbags marvelous. replica louis vuitton luggage

Submitted on: 13th Apr 2012 by xiaoyatou5200 (not verified) Non-Member

0
 

Marc by Marc Jacobs

Cheap marc jacobs sales, invest in marc jacobs bag on the net, i am professional source all kinds of marc jacobs tote wall socket.Widely opt for Marc Jacobs handbags wall socket on the net having 100% true excellent guarantee, not any place a burden on sales price cut Marc by Marc Jacobs handbags intended for advantage.Uncover marc by marc jacobs carriers on ShopStyle.Retail outlet the modern collection connected with marc by marc jacobs bags on the almost all popular outlets - many available as one area.Shopping is best destination to comparison purchase Marc Jacobs purses.

Submitted on: 14th May 2012 by Marc Jacobs Handbags (not verified) Non-Member

0
 

famous stars hats

The dashing and extraordinary NCAA hats you get will attract every eye in a crowd and makes you feel more confident.If you are not having Rolex Masterpiece yet, check them out and own them now as were not so affordable ever before.These sunglasses aviator are brilliant and prove to be wonderful for you while it makes you stand out of the crowd.These coach handbags cheap would be nice investments for you in long term.

Submitted on: 18th May 2012 by famous stars hats (not verified) Non-Member

0
 

Post new comment

The content of this field is kept private and will not be shown publicly.
Type the characters you see in this picture. (verify using audio)
Type the characters you see in the picture above; if you can't read them, submit the form and a new image will be generated. Not case sensitive.

Featured Debt Charity

“What we like most about the help the Debt Advice Foundation provide is it’s balanced and fast. You’ll get the right solution suggested confidentially in hours not days.” Debt Advice Foundation