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Limited closing down owing me money. Options?

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    Limited closing down owing me money. Options?

    So a competition site I won something on haven't paid up but their site has nothing on it now. It's a few hundred pounds so pretty irrelevant. I know they've been running at a loss for some time and have just decided to call it a day. They've been pretty amicable so far but we've got as far as them telling me they are closing the company but they are speaking to their accountants (I like it!) to see what they can do and close it properly. I imagine they are just keeping me sweet up to the point they tell me the company has been struck off.

    Would I be right in thinking there is nothing I can do about this. If the company has no money they there will be no pay out? Why is he keeping me sweet then? Can I block the closure of the company somehow? I guess by spotting it when it appears in the Gazette? Is there any benefit to this? Even if it just to be a pain in the ass for them as I doubt there will be any money forthcoming.

    Limited are exactly that so when one shuts down owning money but has no cash there isn't a thing I can do about it? If they've been running at a loss wouldn't that mean they've been trading insolvent and there is an opportunity to go after the director?

    I'm fully prepared for a 'You aren't gonna get a penny' answer but humour me with how the process works and if I can make it painful even if no money is forthcoming.
    Last edited by northernladuk; 21 February 2021, 00:30.
    'CUK forum personality of 2011 - Winner - Yes really!!!!

    #2
    Just because a company is running at a lose doesn't mean the company is insolvent. That only occurs when there is zero likelihood that the debts the company has run up can be paid

    merely at clientco for the entertainment

    Comment


      #3
      So this was a paid competition you entered? Is this those raffle tickets for a house / car / whatever?

      I suspect at best you might get your entry money back but not the prize you've won.

      It's technically a form of gambling and you won then lost

      Comment


        #4
        A normal response to a company not being able to pay you money they owe you, would be to issue a winding up order.
        I've never heard of anyone wanting to keep them running.......

        You need to start dunning though I think. Not that it's likely to get you anywhere.
        If lots of people are in the same boat as you then see if Radio 4 Money Box programme are interested in doing a report.
        See You Next Tuesday

        Comment


          #5
          I get all that. I'm just interested in the process of winding the company up. They fact they are playing me off until they shut it tells me they are afraid of something. I was wondering how the process of them shutting the company works and where you can stick a spanner in the works. What can I do to interfer in the process?
          'CUK forum personality of 2011 - Winner - Yes really!!!!

          Comment


            #6
            Originally posted by northernladuk View Post
            So a competition site I won something on haven't paid up but their site has nothing on it now. It's a few hundred pounds so pretty irrelevant. I know they've been running at a loss for some time and have just decided to call it a day. They've been pretty amicable so far but we've got as far as them telling me they are closing the company but they are speaking to their accountants (I like it!) to see what they can do and close it properly. I imagine they are just keeping me sweet up to the point they tell me the company has been struck off.

            Would I be right in thinking there is nothing I can do about this. If the company has no money they there will be no pay out? Why is he keeping me sweet then? Can I block the closure of the company somehow? I guess by spotting it when it appears in the Gazette? Is there any benefit to this? Even if it just to be a pain in the ass for them as I doubt there will be any money forthcoming.

            Limited are exactly that so when one shuts down owning money but has no cash there isn't a thing I can do about it? If they've been running at a loss wouldn't that mean they've been trading insolvent and there is an opportunity to go after the director?

            I'm fully prepared for a 'You aren't gonna get a penny' answer but humour me with how the process works and if I can make it painful even if no money is forthcoming.
            Dunno. What did your accountant say?

            Comment


              #7
              Originally posted by TheDogsNads View Post

              Dunno. What did your accountant say?
              10 days late, highly unoriginal. 1/10 Back in the sock draw with you.
              'CUK forum personality of 2011 - Winner - Yes really!!!!

              Comment

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