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Trader in Ireland Gone Bust - Dealing with HMRC

  • 18-04-2019 8:00pm
    #1
    JamesL86
    Registered Users, Registered Users 2 Posts: 3 ✭


    Our company (ltd.) recently folded. It was voluntary windup as we are engaging with our creditors and revenue here with a plan regarding company assets.

    However, we have a VAT liability with HMRC in the UK as we were VAT registered there too. We have a £9k liability there and don't have the cash.

    Just wondering, will this debt die with the company or what will happen. I have no understanding of there system for these circumstances. I have a sick fear of travelling to or through the UK going forward in case I am listed for a warrant or something! Even though we are private limited...

    Has anyone had a similar experience? We haven't engaged with them at all and have avoided it to deal with revenue etc on this side.


Comments

  • #2
    duffysfarm
    Registered Users, Registered Users 2 Posts: 853 ✭✭✭duffysfarm


    Has a liquidator been appointed?


  • #3
    JamesL86
    Registered Users, Registered Users 2 Posts: 3 ✭JamesL86


    duffysfarm wrote: »
    Has a liquidator been appointed?

    No it's been voluntary


  • #4
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,606 Mod ✭✭✭✭Jim2007


    JamesL86 wrote: »
    No it's been voluntary

    You still have to appoint a liquidator, or more specifically your creditors do, including HMRC..

    Are you sure you actually understand what a Creditors Voluntary Liquidation works????


  • #5
    JamesL86
    Registered Users, Registered Users 2 Posts: 3 ✭JamesL86


    Jim2007 wrote: »
    You still have to appoint a liquidator, or more specifically your creditors do, including HMRC..

    Are you sure you actually understand what a Creditors Voluntary Liquidation works????

    No, I am not entirely sure I do. I guess we had been working along the lines of a Members Voluntary Liquidation, which it is not?


  • #6
    duffysfarm
    Registered Users, Registered Users 2 Posts: 853 ✭✭✭duffysfarm


    for a members voluntary liquidation you can have no assets or liabilities (there is a small nominal amount for shares that you can have)
    so if you owe HMRC money or anyone else for that matter then you cant go down the route of voluntary strike off.
    On the other hand if they wrote off the amount due by you to them then you could pursue the option of voluntary strike off


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  • #7
    Stratvs
    Registered Users, Registered Users 2 Posts: 958 ✭✭✭Stratvs


    JamesL86 wrote: »
    No, I am not entirely sure I do. I guess we had been working along the lines of a Members Voluntary Liquidation, which it is not?

    Differences between MVL and CVL here:-

    https://www.cro.ie/Termination-Restoration/Company/Members


    https://www.cro.ie/Termination-Restoration/Company/Winding-Up/Creditors


  • #8
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,606 Mod ✭✭✭✭Jim2007


    JamesL86 wrote: »
    No, I am not entirely sure I do. I guess we had been working along the lines of a Members Voluntary Liquidation, which it is not?

    This is ridiculous, it is not something you make up as you go along. It is a statutory requirement and if you fail to comply with the law you could face a criminal prosecution. You have already stated that you have insufficient funds to meet the debts of the company so a members voluntary liquidation is out of the question.

    Normally as the owner of a company, you can't be held personally responsible for the debts of the company, however depending on your behaviour in the current situation that might not be the case.

    Go and get proper legal advice, before you end up in a mess.


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