Paul Wightman Posted March 10, 2009 Share Posted March 10, 2009 And one person you want to make sure you pay when you go bust is the VAT man and inland revenue. They will get their money from you in the end. Even if not now but in many years when you pop your head up again . They will be there waiting for you . Sorry to correct you Ali but if a Ltd company goes down owing monies to inland revenue or customs and excise and the directors have not been found to be fraudulent there is no come-back in later life. Quote Link to comment Share on other sites More sharing options...
reads90 Posted March 10, 2009 Share Posted March 10, 2009 Sorry to correct you Ali but if a Ltd company goes down owing monies to inland revenue or customs and excise and the directors have not been found to be fraudulent there is no come-back in later life. Oh ok i was always told they will get their money , Quote Link to comment Share on other sites More sharing options...
sparg Posted March 10, 2009 Share Posted March 10, 2009 Interesting. I did not realise that. You live and learn.Regards Brendan unless they are a Bank... Quote Link to comment Share on other sites More sharing options...
FridgeFreezer Posted March 10, 2009 Share Posted March 10, 2009 On the "they always catch up with you" front, my dad works in the courts and reports that there is a real spirit of sharing these days, so if HMRC take you to court and win, then all the other govt agencies basically jump in and go through every single part of your life. They often use it with drug dealers for example - they'll pin them on some trivial offence and when the verdict arrives a lot of nice men in uniform break the door of your mansion down and go through all your stuff with a very fine tooth comb Quote Link to comment Share on other sites More sharing options...
Lara Posted March 11, 2009 Share Posted March 11, 2009 On the "they always catch up with you" front, my dad works in the courts and reports that there is a real spirit of sharing these days, so if HMRC take you to court and win, then all the other govt agencies basically jump in and go through every single part of your life. They often use it with drug dealers for example - they'll pin them on some trivial offence and when the verdict arrives a lot of nice men in uniform break the door of your mansion down and go through all your stuff with a very fine tooth comb Let me edit that with facts! On the "they always catch up with you" front, my dad works in the courts and reports that there is a real spirit of sharing these days, so if anyone takes you to court and win, then all the other govt agencies basically jump in and go through every single part of your life. Then give you unprecedented handfuls of money to fill the directors pockets, and so you can carry on selfishly ripping off the people who are paying you and actually are your "real" bosses. They often use it with banks for example - they'll watch them stiff the public and when the verdict arrives that they have been totally callous and irresponsible, lots of nice men in uniform come with a big steel plated van and bring you knew Wads of Public Cash to carry on going on corporate hollidays with. Oh! my mistake I think that applies "ONLY" to banks Lara Quote Link to comment Share on other sites More sharing options...
disco_al Posted March 11, 2009 Share Posted March 11, 2009 do i detect a subtle hint of bitterness there lara?? Quote Link to comment Share on other sites More sharing options...
will_warne Posted March 11, 2009 Share Posted March 11, 2009 IF money is owed to HM Revenue and Customs by a limited company I can not see how the directors of the company can be in the firing line. HMRC will be at the front of the line of creditors to be paid out. Any bank which has given SR loans may or maynot have taken out personal guarantees from the director of the limited company and they would pursue the directors to the limit of any personal gaurantee. Not strictly true - HMRC are no longer a preferential creditor so are at the end of the list of people to get paid (along with shareholders and other unsecured creditors). That means if there's no money left in the liquidation pot they get nothing. That said, they will tend to pursue quite hard for anything that can be got. As far as limited liability goes this only refers to the liability of the shareholders - their liability is limited to the amount they invested. As the company is a separate legal entity directors generally won't be liable unless they've been very naughty in the run up to liquidation. In which case a liquidator has wide powers to pursue directors and the court may order a 'contribution' into the liquidation fund . If the rumours are true then there would be a strong possibility of not just liability under the Insolvency Act (for things like wrongful trading, fraudulent trading and misfeasance) but also criminal liability. However, if there are people who break legs pursuing you a not so short stay at Her Majesty's discretion might not seem so unattractive Quote Link to comment Share on other sites More sharing options...
Lara Posted March 11, 2009 Share Posted March 11, 2009 do i detect a subtle hint of bitterness there lara?? Not bitterness, Just find it so un-real that it only stands as laughable! I think some people do not live on this planet! I have a friend rather high up in a very large bank in Holland, this bank has just made record non-profits (not loss but much reduced profit) and as such they (the board) have decided to ask all employees etc to take wage fixes and reduced benefits etc. so Said person as an example decided not to do his 2 week skiing holls, but booked a friggin island in the Caribbean instead! then to add insult to injury he just ordered himself a new top of the line Audi Q7 as company car to replace his "old" 2 year old BMW (he says it will save money on the lease, but even if that is true, I bet the poor employees don't see it that way) As i said, Nother Planet Lara Quote Link to comment Share on other sites More sharing options...
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