Fight to save Ltd or not

[GregRickshaw]

Been in this position before in the financial crisis. Remember the bank manager saying my business wasn't viable. I turned it around and I'll do the same again this time. I'm now angry. I have only just started looking proper btw. Hopefully I'll get to post a boom message on this forum in the coming weeks and avert a disaster.

I love your enthusiasm, your optimism I too think this way and you know what for the most part I would say it comes out okay in the end. Very best of luck.

[simes]

Sounds like you've answered your own question.

Bring on the good fight.

[wattaj]

Been in this position before in the financial crisis. Remember the bank manager saying my business wasn't viable. I turned it around and I'll do the same again this time. I'm now angry. I have only just started looking proper btw. Hopefully I'll get to post a boom message on this forum in the coming weeks and avert a disaster.

As I say, good luck; I wish you well. But please be realistic and prepare for the worst now.

[oliverson]

Sadly, you do. The company has no income and, it would seem, very little / no reserves... unless you get a new contract. There is no guarantee of that new, company-saving contract coming in any time soon and your company is in its death throws until it does.

Good luck, but prepare for the worst now. Anything better than that is going to be a bonus.

Been in this position before in the financial crisis. Remember the bank manager saying my business wasn't viable. I turned it around and I'll do the same again this time. I'm now angry. I have only just started looking proper btw. Hopefully I'll get to post a boom message on this forum in the coming weeks and avert a disaster.

[GregRickshaw]

Sell all your non essential assets & pay your mortgage & debts off!

I see you mean getting into problem with the mortgage lender rather than tax collectors. Are there ways of protecting your home if you have no mortgage but tax collectors?

[wattaj]

Who says the company is unviable? I could land a contract to start in a few weeks and this problem goes away...

Sadly, you do. The company has no income and, it would seem, very little / no reserves... unless you get a new contract. There is no guarantee of that new, company-saving contract coming in any time soon and your company is in its death throws until it does.

Good luck, but prepare for the worst now. Anything better than that is going to be a bonus.

[uk contractor]

Appreciate your comments but the headline figure makes it sound worse, not to say that it doesn't bother me. Say I land work next month (I've only just started looking properly to be fair), then the only way I'm worse off than at the start of the year is the bounce back loan. That's just over £ 500 a month from April 2021. When in contract it's usually London finance, so the rates are good, even better if there's no need to incur flat rental / travel expenses due to the WFH. All it takes is a year on London rates without the expenses and this problem is dead, aside from the directors loan. But the heat is definitely on I'd agree.

Good lucky buddy but London Finance is pretty much dead contracts wise for many months now & not showing any signs of life anytime soon! Be realistic to preserve what you do still have left the supply & demand factors alone stack the odds heavily against you finding a decent paying contract in this current environment!

[wattaj]

'I think' we are allowed around £10k before the extra interest and tax kick in so aim to get it to around that figure.

BIM is due on anything over 10K. Charging a "commercial" rate of interest ameliorates this a bit.

[uk contractor]

Are you able to expand/advise/help on the best way to protect ones main property?

Sell all your non essential assets & pay your mortgage & debts off!

[oliverson]

Good luck hope it all works out but £84K is a massive hole to....

Appreciate your comments but the headline figure makes it sound worse, not to say that it doesn't bother me. Say I land work next month (I've only just started looking properly to be fair), then the only way I'm worse off than at the start of the year is the bounce back loan. That's just over £ 500 a month from April 2021. When in contract it's usually London finance, so the rates are good, even better if there's no need to incur flat rental / travel expenses due to the WFH. All it takes is a year on London rates without the expenses and this problem is dead, aside from the directors loan. But the heat is definitely on I'd agree.