Hi, Im after some IVA help. Looking at liquidating a LTD company that only has me as Director / 100% shareholder. Basically due to overdue VAT. Not sure advise im getting is best? As amount is I owe I may be able to negotiate with HMRC. Dont like to put figures down>? But just not sure whats best route IVA or deal with HMRC and a few other creditors direct? About £25-35 K debt. Cheers jon

I guess this isn’t the most exciting thread. Don’t worry I know what I’m doing now.

I’m not an expert, but isn’t an Iva a personal arrangement? If it’s a limited company it’s either a cva if you want the company to remain trading I think, or you liquidate it. Unless you’ve done something naughty you don’t have personal liability for the companies debts.

You are looking for professional advice in a rather specialist area, where understandably you might not want to share a large amount of sensitive information publicly. The internet is probably not the best for this. Have you provided a guarantee to the company? Failing that YOU can only be held liable for a Ltd co’s debt if there has been some mismanagement – if you are concerned about that, the cost of a lawyer and accountant will be invaluable.

Members Voluntary Liquidation (MVL) is a process that enables shareholders’ to formally close down a solvent company, when there are sufficient assets available to discharge all outstanding liabilities and there is a balance to distribute back to the shareholders as a capital distribution.( Either in specie- which means effectively transferring owned assets such as equipment or from funds held in the company). The value of the assets or remaining funds have to exceed £25,000 for this to be a viable route

Ps I’m assuming you have something to gain otherwise just wait for it to be struck off the VAT man may object but if there’s no assets the Debt dies with the co , you might run the risk of being asked where the half a mil went but …..

I work in this sector and a public forum is not the best place for the advice you need. Get some professional advice from an Insolvency Practitioner or decent accountant.