Company meltdown

[CityGal]

Hi Guys,
I wanted to know what is the best way forward after having a complete meltdown with my Limited company. The downturn last year left me without a job for 9 months, I eventually had to get a permanent position. Needless to say my accounts are a complete mess. I am now facing becoming bankrupt, can one who has gone through something like this give any advice on what to do? I work with financial products and would eventually like to go contracting again in a years time. Help!!

[Sockpuppet]

Get some new accountants.

Do you owe money to any of the following?

- VAT
- Corp Tax
- Bank

[DimPrawn]

Hi Guys,
I wanted to know what is the best way forward after having a complete meltdown with my Limited company. The downturn last year left me without a job for 9 months, I eventually had to get a permanent position. Needless to say my accounts are a complete mess. I am now facing becoming bankrupt, can one who has gone through something like this give any advice on what to do? I work with financial products and would eventually like to go contracting again in a years time. Help!!

What "downturn"? We have just been thorugh the biggest IT boom since Y2K. Rates in the City have been £700/day for even the lamest skills.

You should be a millionaire by now.

[Bear]

Very helpful DP!

CityGal - Sockpuppets advice is good. Get a new accountant. Do you have one?

Have you spent money meant for HMRC? If you make sure you owe no-one then an accountant can sort it very quickly.

PM me if you want specific advice and don't want silly answers like DPs

[Bumfluff]

Hi Guys,
I wanted to know what is the best way forward after having a complete meltdown with my Limited company. The downturn last year left me without a job for 9 months, I eventually had to get a permanent position. Needless to say my accounts are a complete mess. I am now facing becoming bankrupt, can one who has gone through something like this give any advice on what to do? I work with financial products and would eventually like to go contracting again in a years time. Help!!

Whatever you do avoid going bankrupt if you want to continue working in the finance sector. Pretty much all jobs in the finance sector will require a credit check and if you have been bankrupt you will fail that check and the offer would be withdrawn.

[oracleslave]

Very helpful DP!

CityGal - Sockpuppets advice is good. Get a new accountant. Do you have one?

Have you spent money meant for HMRC? If you make sure you owe no-one then an accountant can sort it very quickly.

PM me if you want specific advice and don't want silly answers like DPs

Whilst Dims advice is half in jest he is correct. What downturn? If you suffered over this period the future is DOOMED!

[BrowneIssue]

Hi Guys,
I wanted to know what is the best way forward after having a complete meltdown with my Limited company. The downturn last year left me without a job for 9 months, I eventually had to get a permanent position. Needless to say my accounts are a complete mess. I am now facing becoming bankrupt, can one who has gone through something like this give any advice on what to do? I work with financial products and would eventually like to go contracting again in a years time. Help!!

You're not alone. 4 months work in 14 months. tulip happens. I went through the situation you are describing in 2001 to 2003 and survived. I am now going into it again but less fearful since I know it can be survived.

The Citizen's Advice Bureau can help with the personal stuff. Ask for one of their finance experts. I have used them successfully in the past. Do not be frightened of them - their advice is good.

a) keep a roof over your head.
b) pay your VAT.
c) minimise your credit.
d) keep looking for work.

Did you know you CAN sign on even when a contractor & director of your own limited company? Been there, done it. The conditions are strict but you may qualify.

While there, volunteer for the Job Club (or whatever it is called now). It is the place they send long term unemployed as a punishment. Volunteer for it: you'll get free stationery & stamps, somewhere to go during the day (more important for mental health than anything else!), paid-for travel to interviews, career help and some free training. These places are great for stopping you from going four-wall crazy.

Want more? Send me a Private Message.

[MrRobin]

... downturn last year ... ... I work with financial products ...

What do you do? Sell sub prime loans????

[BrowneIssue]

Whilst Dims advice is half in jest he is correct. What downturn? If you suffered over this period the future is DOOMED!

Yeah, a great help.

There are trends and novelties in IT. Dot-com bubble anyone? GIS went potty a couple of years ago and then disappeared. Legacy screen-scraping came and went. Security is a money-making machine right now - 3 years from now nobody will be interested.

You're expected to be a niche specialist in IT - if your chosen niche moves the rug can be pulled from under your feet without it being obvious.

Of the people I've maintained contact with in 2 decades of work, NONE AT ALL have managed to continue with the same career.

And sometimes you can be in just the wrong place at the wrong time.

[DimPrawn]

Or you can become an expert in established mainstream technologies and platforms (SAP, .NET, C++, Java, Oracle, etc) and never have a days gap in your career.

Good luck, but frankly, if you have suffered over the last 3-4 years, you stand no chance of survival in the next 2 years.