In: ufaq
I have provided a Personal Guarantee to a creditor. What happens with that?
June 30, 2020If a personal guarantee has been provided to a creditor then they will expect you to pay the outstanding sums should…
Read MoreWhat if I have an overdrawn directors loan account?
June 30, 2020If you have an overdrawn directors loan account, meaning that you owe the Company money, then this is classed as an…
Read MoreWill I be disqualified as a director if I liquidate my Company?
June 30, 2020A liquidator is under a duty to investigate the conduct of the directors spanning back three years prior to the liquidation…
Read MoreCan directors use the same or similar Company name afterwards?
June 30, 2020This is a possibility but not advisable as there are restrictions under Section 216 of the Insolvency Act 1986 which prohibits…
Read MoreCan directors buy back company assets after liquidation?
June 30, 2020Yes they can. This will be negotiated through the agent appointed by the liquidator. Details of any sales to connected parties…
Read MoreWhat happens to the Company’s assets?
June 30, 2020Once the Company is in liquidation, it is the duty of the liquidator to achieve the best possible realisable value of…
Read MoreWill I be removed as a director once the Company enters liquidation?
June 30, 2020No, you will still be shown as a director at Companies House although your powers as a director will have ceased…
Read MoreWill I still have to file accounts and confirmation statements at Companies House following the liquidation?
June 30, 2020No, once the Company enters liquidation the filing requirements of the director cease.
Read MoreWhat do I do with the Company’s books and records?
June 30, 2020These will be collected by the appointed liquidator and stored securely.
Read MoreAre there any other options apart from a virtual meeting of creditors?
June 30, 2020Yes there are. One other option is called Deemed Consent. This is where no meeting of creditors is convened and a…
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