voluntary liquidation

jamesy08

hello all,ive been running my ltd company for 6yrs,but in the last 2 years,have been nearly working at a loss just to keep things going,have been with my accountant and bank manager,and advice is to go into voluntary liquidation,as the hole will only get deeper,i know i have to put an advert in the national paper,creditors meeting ,questions,do i have to personally write to the companies i owe money to?am i then forbidden to ever start up again,even as a sole trader?is there much involved in the whole process?
Regards
Jamesy08

Toots

Moved to Entrepreneurial & Business Management.

jamesy08

thanks toots for the advice
jamesy

dbran

Hi

You would be free to start up a new business at any time as the limited company is a seperate legal entity to yourself.

However you need to consider why the company failed in the first place. You also need to keep the goodwill of those who traded with you in the past as you will be relying on them for suppliers and customers.

If revenue were left unpaid then they may put you on the fast track in terms of enforcement action for the new business .

Hope this helps

dbran

mickbyrne

Liqidations.ie (Friel Stafford) have a free support line. You should contact them. If there are creditors owed money you are required to appoint a liquidator even in a members voluntary liquidation.

You are free to start up a new ltd co or as a sole trader at any time. It would only be if through the liquidation process that you were restricted to act as a director would your involment in a new company be restricted and this restriction is for a five year period.

www.odce.ie has publications which give advice on these matters

Regards,
Michael
www.perspective.ie

jamesy08

Thanks very much mick