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I run a uk company i have a tax bill that the company just cant pay the company had cash in the bank but unfortunately i just drew it out bit by bit and blew it all. the company has no assets and i own nothing personally apart from a £500 car and the cloths i stand up in. I get by doing odd jobs. ive been offered work in spain what happens if i just leave the uk and start again abroad. I am the only director and the company tax bill is around £25000. The company cant pay it I cant pay it what will they do?
Optional Information: Province/Country relating to question : england Already Tried: Nothing
Hi, In all likelihood HMRC will issue a winding up petition against the company. The official receiver will use its wide reaching powers to investigate your affairs and if you have been guilty of misappropriating the company funds to the detriment of the creditors you may be personally liable for the company debts. If this occurs they will probably seek to bankrupt you and you will probably be disqualified as a company for a period of time (up to 15 years). This will affect your credit rating and also your ability to form new companies.
Experience: 2 Years Insolvency Litigation
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What happens if I'm in spain and i get back on my feet can they try to sieze ant assets that i have there ie cash at bank property etc? What happens if i return to the uk would i be arrested and imprisoned? or would them making me bankrupt draw a line under the whole thing?
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