Winding down with existing business loan.

[W124Barr]

Hi Everyone new to the forum and looking for some advice really.

i am an offshore contractor and like most of you have been heavily impacted by the corona virus, i have lost a few contracts along with having IR35 looming new year it is no longer viable for me to trade, i have been offered a staff position at a company however it doesn't pay enough to cover my bills and the company's existing loan expenses, so my query was as follows.

i took a business loan over 3 years ago for approx 20k now owing around 14k, and an overdraft over 5 years ago currently at 4k, at the time business was really good and was diversifying in what i did, however now with the loss of several key contracts and lack of work i have taken the staff position.

i am looking to wind down and dissolve the company, i provided no personal guarantee or security and the credit or company is not registered on my credit files at present, and i am a LTD company and have been for over 6 years.

So wondered if i did close the company down, would this effect my personal credit? or be tied to me individually, i currently owe no tax as i have just paid up.

Thanks in advance any help is greatly appreciated.

[WTFH]

Hi Everyone new to the forum and looking for some advice really.

i am an offshore contractor and like most of you have been heavily impacted by the corona virus, i have lost a few contracts along with having IR35 looming new year it is no longer viable for me to trade, i have been offered a staff position at a company however it doesn't pay enough to cover my bills and the company's existing loan expenses, so my query was as follows.

i took a business loan over 3 years ago for approx 20k now owing around 14k, and an overdraft over 5 years ago currently at 4k, at the time business was really good and was diversifying in what i did, however now with the loss of several key contracts and lack of work i have taken the staff position.

i am looking to wind down and dissolve the company, i provided no personal guarantee or security and the credit or company is not registered on my credit files at present, and i am a LTD company and have been for over 6 years.

So wondered if i did close the company down, would this effect my personal credit? or be tied to me individually, i currently owe no tax as i have just paid up.

Thanks in advance any help is greatly appreciated.

Has your company been paying you dividends since you took out the loans?

Have you spoken to your accountants on this?

[W124Barr]

Hi yes iv spoke to accountants and business debtline today and they're both under the same opinion, i just need to check the paperwork on the lending, my accountant has advised he will take care of the final year the company running and submit a return anyway, i have taken little to no money from the company as we haven't made anything.

Thanks again..

[Lance]

so you got a £4k overdraft for a one year old LTD company?????
and a £20k loan, for a three year old company? That had an outstanding overdraft....

What is this magical source of business loans you've found? It seems quite incredible unless there's more you haven't told us?
My experience of business tells me that banks don't loan money easily... And to an offshore contractor... never....