Selling Ltd Co with debt

[Nava39]

Seriously you people! You have all missed on the OP's actual intentions. What s/he wants to know, what if he sells the LTD company owing Corp tax and HMRC penalties to a friend/ family who has no assets, and so the creditor (HMRC) cannot reasonably pursue, does that leave him off the hook? Presumably the new potless owner cant be taken to court as they have no assets of their own, the the OP is out of the picture as he has no connection to the company anymore.

So what the OP wants to know is, does that sound like a plan ?

[WTFH]

Seriously you people! You have all missed on the OP's actual intentions. What s/he wants to know, what if he sells the LTD company owing Corp tax and HMRC penalties to a friend/ family who has no assets, and so the creditor (HMRC) cannot reasonably pursue, does that leave him off the hook? Presumably the new potless owner cant be taken to court as they have no assets of their own, the the OP is out of the picture as he has no connection to the company anymore.

So what the OP wants to know is, does that sound like a plan ?

You missed the bit where he mentioned that he has directors loans. Those loans tie him to the company. He has a connection.
As for selling it to a friend/family member who has no assets, this sounds like the suggestions we would have had from one of our old members who would happily suggest deliberate fraud at every opportunity.

[northernladuk]

You missed the bit where he mentioned that he has directors loans. Those loans tie him to the company. He has a connection.
As for selling it to a friend/family member who has no assets, this sounds like the suggestions we would have had from one of our old members who would happily suggest deliberate fraud at every opportunity.

You mean it's a little PSCONT'ish? Thats was my first throught as well.

[BlueSharp]

So reading up on this seems only to be viable if a plan to turn the business fortunes is viable.

I wonder if the seller would be on the hook for the liquidation costs if they took on a company with no prospect of being recovered if that was the ultimate fate of the company; but with the benefit of being removed from the liquidation process. The directors would still have to pay back the director's loan as a debtor to the company during the liquidation process. Interestingly none of the business's websites goes on to say what they once the company has been bought.

[cojak]

Seriously you people! You have all missed on the OP's actual intentions. What s/he wants to know, what if he sells the LTD company owing Corp tax and HMRC penalties to a friend/ family who has no assets, and so the creditor (HMRC) cannot reasonably pursue, does that leave him off the hook? Presumably the new potless owner cant be taken to court as they have no assets of their own, the the OP is out of the picture as he has no connection to the company anymore.

So what the OP wants to know is, does that sound like a plan ?

But living me with a tulip credit rating. I wouldn’t want that guy to be a friend or family member, he’d definitely be a fraudster and I’d set the police on him.

[Netraider]

Thanks to everyone who responded so quickly and honestly. It’s what I expected and deserved.

I’ll investigate all possibilities with everything you’ve said in mind.

HMRC will run out of patience and apply to court to compulsory liquidate your company. You will have an appointment with the official receiver who will go through the business finances with a fine tooth comb.

At this point if you have outstanding directors loans they will come after you and your assets. If you have an outstanding BBL then... I wouldn't like to be you.

[avonleigh]

Nobody is going to buy your company if you only offer a consultancy without any product. HMRC will come after you and you will have to declare bankruptcy if you cannot pay. Can't say I have any sympathy. Not making provisions for tax is irresponsible and not fair on the rest of us.