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Post Info TOPIC: Is my limited co insolvent?


Newbie

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Is my limited co insolvent?


Hi, new here.

I own a micro business that's been meandering along for 10 years. I accept I should know the answer to this, but I've forgottenconfuse

  • The company has fixed assets of 100
  • Total assets less current liabilities 100
  • Creditors: amounts falling due after more than one year (441,378)
  • Total net assets (liabilities) (441,278)
  • Capital and reserves (441,278)

The company has no external creditors (doesn't owe any external debt, no outstanding invoices) and has never invoiced anything. I've been creating intellectual property, but no value has been shown in the accounts yet (there is value there).

Unfortunately, following health issues I'm having memory problems, and I'm trying to figure out a couple of basics:

1) I need to understand whether my company could be viewed as being insolvent.

2) I think that the 441,278 liability is primarily made up of unpaid salary to me. Given the figures above, is this feasible, even if it's not the best way to report this?

Thanks for any help or input.

FB



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Newbie

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Date:

Best I can tell the answer is no.

The company's liabilities outweigh it's assets, but those liabilities aren't immediately due - they're due after more than one year. So, the company would become insolvent if no other changes take place before the liabilities are due to be met.



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Member

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Posts: 17
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I would speak to an Insolvency Practitioner to get their advice on this. Most in my experience offer a free consultation.



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Newbie

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Posts: 3
Date:

Thanks very much for your response!



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