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Anyone recommend a liquidator?

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    Anyone recommend a liquidator?

    I have a limited company that is insolvent and I'm wondering if anyone can recommend a liquidator for a creditor voluntary liquidation please?
    Straight forward liquidation with no debts other than the bounce back loan of which £18k cash is still in company whilst £25k is outstanding. No assets and nothing owed to HMRC. Single director and no other employees.
    Even though the liquidation costs will be paid for by the limited company I would like to liquidate as cheaply as possible, so far I've had one offer in at £3k + vat.

    #2
    I don't understand.....

    If it's insolvent then why do you care how much the liquidator costs?
    And if the only creditor is the BBL lender, you need them to agree to a CVL (the clue is voluntary, the creditor has to be happy with this). Why not talk to the lender and ask them what to do? You never know they might even issue a winding up order and save you a load of hassle and cost.


    Google has this as a starting point.
    Start a CVL Quotation - Simple Liquidation

    But I'd start with my accountant first. Whilst not liquidators they at least know roughly where to start.
    See You Next Tuesday

    Comment


      #3
      If by "the bounce back loan of which £18k cash is still in company whilst £25k is outstanding" you mean the company does not have the assests to cover the BBL, then it is not a straightforward liquidation. The liquidator will have a duty to investigate how you spent the BBL funds to ensure no funny business (eg, was any taken as dividends).

      Comment


        #4
        Originally posted by Paralytic View Post
        If by "the bounce back loan of which £18k cash is still in company whilst £25k is outstanding" you mean the company does not have the assests to cover the BBL, then it is not a straightforward liquidation. The liquidator will have a duty to investigate how you spent the BBL funds to ensure no funny business (eg, was any taken as dividends).
        Good point. If this is the case then the OP should probably pay those divis back, settle the BBL and then wind the company up.
        See You Next Tuesday

        Comment


          #5
          The BBL, CVJRS and ultimately IR35 kicking in properly has shown up so many contractors for what they actually are.

          Comment


            #6
            Originally posted by Lance View Post

            Good point. If this is the case then the OP should probably pay those divis back, settle the BBL and then wind the company up.
            Definitely. Any divis outside of distributable reserves will be ultra vires anyway.

            Comment


              #7
              Originally posted by ensignia View Post
              The BBL, CVJRS and ultimately IR35 kicking in properly has shown up so many contractors for what they actually are.

              Many of us IT contractors who engaged a single client at a time had no choice other to do so via a limited company.

              That said there has always been a type of person who viewed contracting as a licence to decide exactly how much tax they should pay and viewed pathological tax 'efficiency' as confirmation of their own superior intelligence.

              Comment


                #8
                Originally posted by TheDude View Post


                Many of us IT contractors who engaged a single client at a time had no choice other to do so via a limited company.

                That said there has always been a type of person who viewed contracting as a licence to decide exactly how much tax they should pay and viewed pathological tax 'efficiency' as confirmation of their own superior intelligence.
                I don't think the single client via PSC is the issue, it was just the way things were done and virtually all clients completely misunderstood the purpose of contractors much to the delight of many contractors (I'd be lying if I said I didn't also benefit).

                The issue is contractors absolute piss-taking for years (spouses as secretaries, claiming nonsense expenses, paying min salary every year etc) and just exploiting every loophole possible. Then when IR35 came in, closing their companies down and basically confirming HMRC was right all along about disguised employment. Virtually all of my contractor friends/colleagues have liquidated and rolled over into Inside roles (often doing the exact same thing with the exact same client). The ones who still run their LTDs have managed to get Outside roles so it's more out of necessity.

                Plus, when Covid came along many were happy to take the 50k while moaning about furlough and being ineligible. The way I see it is, we're very well paid temps and just because others are getting handouts that doesn't mean we should feel hard done by or that we're missing out, we all extracted vast amounts from our "employments" for years.

                This isn't aimed at anyone on here, and is more of a rant but in some ways I'm glad the one-man band contractor has virtually died a death. I actually think IR35 was a success in some ways, and I've no doubt the rules will tighten to make sure everyone is on a PAYE model eventually.

                Comment


                  #9
                  Originally posted by ensignia View Post

                  I don't think the single client via PSC is the issue, it was just the way things were done and virtually all clients completely misunderstood the purpose of contractors much to the delight of many contractors (I'd be lying if I said I didn't also benefit).

                  The issue is contractors absolute piss-taking for years (spouses as secretaries, claiming nonsense expenses, paying min salary every year etc) and just exploiting every loophole possible. Then when IR35 came in, closing their companies down and basically confirming HMRC was right all along about disguised employment. Virtually all of my contractor friends/colleagues have liquidated and rolled over into Inside roles (often doing the exact same thing with the exact same client). The ones who still run their LTDs have managed to get Outside roles so it's more out of necessity.

                  Plus, when Covid came along many were happy to take the 50k while moaning about furlough and being ineligible. The way I see it is, we're very well paid temps and just because others are getting handouts that doesn't mean we should feel hard done by or that we're missing out, we all extracted vast amounts from our "employments" for years.

                  This isn't aimed at anyone on here, and is more of a rant but in some ways I'm glad the one-man band contractor has virtually died a death. I actually think IR35 was a success in some ways, and I've no doubt the rules will tighten to make sure everyone is on a PAYE model eventually.
                  Oh - I completely agree. When Covid came along there were many contractors apoplectic with rage that they weren't getting handouts and conveniently forgetting that they had justified years of questionable tax efficiencies to accrue a war chest for hard times.

                  That said I don't think it is fair to lose 46% of inside income without the safety nets of redundancy or sick pay but like yourself I blame the greedy bastards who employed spouses, split dividends god knows what else whilst engaging a single client.

                  Comment


                    #10
                    Simple question, lots of replies, but no liquidation companies being named. Which is fine, just thought to ask.

                    Just to be clear there has been no misfeasance. I.e. no dividends paid since the BBL and no large capital assets bought.
                    I contacted the lender (Lloyds) who said there is nothing they can do and I should find a licensed liquidator or keep paying until I default, only then can they react. Nor did Lloyd's have any preferential liquidators or could provide any advice.
                    The reason I care about liquidator costs is because I want as much to be paid back to the government as possible, I feel I owe them that much.

                    Not all of us play the system, some of us play fair and straight.

                    Comment

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