Director Loan - Debt Recovery?

[scotspine]

grief! you have my sympathies for what they're worth. there are few things in life more wearisome than an errant co-director.

[MaryPoppins]

grief! you have my sympathies for what they're worth. there are few things in life more wearisome than an errant co-director.

Probably my own fault for agreeing to start a Ltd Co with him.

[Menelaus]

Probably my own fault for agreeing to start a Ltd Co with him.

How's your BP now with regards to it? There's no way in which this can be good for you, surely? (ignoring the monetary object for a moment).

[MaryPoppins]

How's your BP now with regards to it? There's no way in which this can be good for you, surely? (ignoring the monetary object for a moment).

BP?

[Menelaus]

BP?

BP = blood pressure.

(Sorry).

[MaryPoppins]

BP = blood pressure.

(Sorry).

Realised after I sent last post!! Thought it was some fancy accounting term, ha.

BP not brilliant actually. Friends and family know the general gist, but cos they are all permies, it doesn't mean a lot to them. I don't want to let on quite how worried I'm becoming, as it will only worry them. But last night I couldn't sleep with worry about it all. And anger!!

[Menelaus]

Realised after I sent last post!! Thought it was some fancy accounting term, ha.

BP not brilliant actually. Friends and family know the general gist, but cos they are all permies, it doesn't mean a lot to them. I don't want to let on quite how worried I'm becoming, as it will only worry them. But last night I couldn't sleep with worry about it all. And anger!!

"We repeat again: strength of character does not consist solely in having powerful feelings, but in maintaining one’s balance in spite of them. Even with the violence of emotion, judgment and principle must still function like a ship’s compass, which records the slightest variations however rough the sea."

Carl von Clausewitz

[MaryPoppins]

"We repeat again: strength of character does not consist solely in having powerful feelings, but in maintaining one’s balance in spite of them. Even with the violence of emotion, judgment and principle must still function like a ship’s compass, which records the slightest variations however rough the sea."

Carl von Clausewitz

Noted

[Menelaus]

Noted

Not my favourite though.

My favourite is one that Patton claimed as his own but was actually one of Napoleon the Firsts -

Never interrupt your enemy when he is making a mistake

[MaryPoppins]

Ok, slightly theoretical question here, based on advice given by accountant. Should the Ltd Co only be able to pay part of the CT, and the remainder not be repaid - what are the implications for me as Co Director?

My accountant has advised that should the Co fail to comply with an installment plan, HMRC will pursue the debt with the Co, and finally issue a winding up order.

Would this have any impact on my personal credit rating, or would it have an affect on starting a new Ltd Co or securing contracts through agencies etc?

To be clear, tax avoidance is the last thing I want, but paying back another Directors loan is also not on the cards for me. I am just slightly disbelieving that it appears to be that easy to take money from the company and basically get away with it?!