Closing a business

brianb10

i have a small business in which i made no money, in fact it cost me money so i'm closing it down. i owe one company €2,500 (€500 of which I am in contention with them over). All i have left in the business account is €1600.
If i was to pay them the €1,600 and close the business will the debt just be written off or do they call in a liquidator?
i don't want to have a company that went into liquidation so if that was to happen i would just pay out of my own pocket but I will also have to pay an accountant for this years accounts and to close the business and I don't want to lose any more money on this.



any help would be greatly appreciated

cson

brianb10 wrote: »

i have a small business in which i made no money, in fact it cost me money so i'm closing it down. i owe one company €2,500 (€500 of which I am in contention with them over). All i have left in the business account is €1600.
If i was to pay them the €1,600 and close the business will the debt just be written off or do they call in a liquidator?
i don't want to have a company that went into liquidation so if that was to happen i would just pay out of my own pocket but I will also have to pay an accountant for this years accounts and to close the business and I don't want to lose any more money on this.



any help would be greatly appreciated

No point putting the company into liquidation for the sake of €900. If everything is in order and it's a small business I'd imagine you'll get an accountant to sign off on it for €1500-€2000. Maybe even less if it's just a matter of signing off on the members voluntary liquidation forms and processes.

brianb10

cson wrote: »

brianb10 wrote: »

i have a small business in which i made no money, in fact it cost me money so i'm closing it down. i owe one company €2,500 (€500 of which I am in contention with them over). All i have left in the business account is €1600.
If i was to pay them the €1,600 and close the business will the debt just be written off or do they call in a liquidator?
i don't want to have a company that went into liquidation so if that was to happen i would just pay out of my own pocket but I will also have to pay an accountant for this years accounts and to close the business and I don't want to lose any more money on this.



any help would be greatly appreciated

No point putting the company into liquidation for the sake of €900. If everything is in order and it's a small business I'd imagine you'll get an accountant to sign off on it for €1500-€2000. Maybe even less if it's just a matter of signing off on the members voluntary liquidation forms and processes.

Thanks cson,
I wouldn't put the company into liquidation but if there was a debt of €900 does it automatically go into liquidation or get written off?

dbran

Hi

Pay off the balance of the debt yourself and if the company has no assets and no liabilities after this then go fo voluntary strike off. Should not need a liquidation.

Regards

dbran