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How do i close my limited company

  • 13-07-2011 10:17pm
    #1
    aronekenny
    Registered Users, Registered Users 2 Posts: 25 ✭


    Hi Im really looking for some advice.

    I have a limited company with my business partner and like a lot of small companies these days we are struggling in a very bad way. We owe a considerable amount to revenue (approx 15k) and approx 10k to suppliers. We are owed in excess of 100k for the past two years from two other companies. Both of which are refusing to pay, siting "the recession" as an excuse. We have tried everything to try and get paid but no movement whatsoever.

    We are now left with no option but to cease trading and try and soften our fall.

    How can we go about this? The company has little or no assets, some computer equipment and some small hand tools. Do we liquidate?

    We really havnt a clue where to turn.
    Couple of questions:

    a) If we close the doors, are we stiil liable for our debt to suppliers and revenue?
    b) Is there any recourse in collecting whats owed to us in the event that we are no longer trading.
    c) Can we offset whats owed against what we owe with revenue etc (however unlikely)
    d) Can/will revenue persue us for whats owed?
    e) Can we ever start up again in the future with this over our heads?

    We would appreciate any help/advise you could give us

    Thanks in advance
    Tagged:


Comments

  • #2
    nompere
    Registered Users, Registered Users 2 Posts: 1,678 ✭✭✭nompere


    You must have an accountant - he's the person to advise you as he knows the circumstances of your business.

    You need help because Revenue are not going to let you walk away from the company's liabilities to them, and may well look to you and your fellow director to satisfy the amounts personally. This is particularly the case if PAYE/PRSI and VAT are involved.

    Ask your accountant to explain the consequences of trading while insolvent.


  • #3
    seco
    Registered Users, Registered Users 2 Posts: 81 ✭✭seco


    There are obviously a number of questions in your head which will lead to more when you get answers. My initial response is to contact your accountant for guidance. If this is a problem, feel free to contact me and I will assist you. pm sent.


  • #4
    J.Ryan
    Registered Users, Registered Users 2 Posts: 474 ✭✭J.Ryan


    Sounds like creditors voluntary liquidation is the way to go.

    You could try being imaginative and ask the Revenue to place an attachment order on those debtors, so that they could recover their money, but I doubt it would work.


  • #5
    EamonOSullivan
    Registered Users, Registered Users 2 Posts: 101 ✭✭EamonOSullivan


    Why not go after the companies that owe you Euros100k? It looks like they are going to put you out of business, so why not apply to the courts to get them would up ( liquidated ) by reason of them owing you money and refusing to pay it. At least you'll have the satisfaction of giving it a good effort to save your own company. Liquidating your own company is a lot of work and will cost minimum 3,000 to 5,000 in fees.


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