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Loan Repayment to Dissolved Companies

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    Loan Repayment to Dissolved Companies

    Hello
    I contracted through White Collar and obtained loans from the below companies. My question is as both companies have been “dissolved” will this fact make my loans void i.e. I will never be asked to repay the loans.

    Thanks for any help


    ON TARGET LIMITED (126425C) – dissolved 12 August 2015
    Company registered at 1ST Floor, 1 Church Street, Douglas, Isle of Man, IM1 2AG
    https://opencorporates.com/companies/im/126425C

    HJP Limited (125311C) - dissolved 13 July 2012
    Company registered at 2nd Floor, 5 Parliament Square, Castletown, IM9 1LA, Isle of Man
    https://opencorporates.com/companies/im/125311C

    #2
    Originally posted by BeHineU View Post
    Hello
    I contracted through White Collar and obtained loans from the below companies. My question is as both companies have been “dissolved” will this fact make my loans void i.e. I will never be asked to repay the loans.

    Thanks for any help


    ON TARGET LIMITED (126425C) – dissolved 12 August 2015
    Company registered at 1ST Floor, 1 Church Street, Douglas, Isle of Man, IM1 2AG
    https://opencorporates.com/companies/im/126425C

    HJP Limited (125311C) - dissolved 13 July 2012
    Company registered at 2nd Floor, 5 Parliament Square, Castletown, IM9 1LA, Isle of Man
    https://opencorporates.com/companies/im/125311C
    See here http://forums.contractoruk.com/hmrc-...te-collar.html

    And to the OP - You'll still be liable for the tax.
    "I can put any old tat in my sig, put quotes around it and attribute to someone of whom I've heard, to make it sound true."
    - Voltaire/Benjamin Franklin/Anne Frank...

    Comment


      #3
      Originally posted by BeHineU View Post
      Hello
      I contracted through White Collar and obtained loans from the below companies. My question is as both companies have been “dissolved” will this fact make my loans void i.e. I will never be asked to repay the loans.

      Thanks for any help


      ON TARGET LIMITED (126425C) – dissolved 12 August 2015
      Company registered at 1ST Floor, 1 Church Street, Douglas, Isle of Man, IM1 2AG
      https://opencorporates.com/companies/im/126425C

      HJP Limited (125311C) - dissolved 13 July 2012
      Company registered at 2nd Floor, 5 Parliament Square, Castletown, IM9 1LA, Isle of Man
      https://opencorporates.com/companies/im/125311C
      BehinU - Did the loan come a company or from a Trustee appointed by the company? (the standard operating procedure for these schemes was to use a trustee).. If that's the case, whether the original company has been dissolved is irrelevant - your "debt" is to the Trust.

      Check your paperwork.

      To be honest though - if you are caught up in a scheme, whether you have an outstanding loan is the least of your worries. (For disclosure - I was with White Collar pre 2010 through the EBT years and decided to settle my tax position via the CLSO)

      Comment


        #4
        Originally posted by CDJ View Post
        BehinU - Did the loan come a company or from a Trustee appointed by the company? (the standard operating procedure for these schemes was to use a trustee).. If that's the case, whether the original company has been dissolved is irrelevant - your "debt" is to the Trust.

        Check your paperwork.

        To be honest though - if you are caught up in a scheme, whether you have an outstanding loan is the least of your worries. (For disclosure - I was with White Collar pre 2010 through the EBT years and decided to settle my tax position via the CLSO)

        Did you have any closed years included in your CLSO settlement where they agreed they would wavier them ? If so, are you aware that they may yet come back for them as part of the proposed 2019 loan charge legislation ?
        STRENGTH - "A river cuts through rock not because of its power, but its persistence"

        Comment


          #5
          Originally posted by CDJ View Post
          BehinU - Did the loan come a company or from a Trustee appointed by the company? (the standard operating procedure for these schemes was to use a trustee).. If that's the case, whether the original company has been dissolved is irrelevant - your "debt" is to the Trust.

          Check your paperwork.

          To be honest though - if you are caught up in a scheme, whether you have an outstanding loan is the least of your worries. (For disclosure - I was with White Collar pre 2010 through the EBT years and decided to settle my tax position via the CLSO)

          Hello,
          Sorry for the delay in replying as I had to find the paperwork for the loans.
          With regards to the tax owed, I want to settle and move on but I would like to understand if I would still be liable for the loans.

          For the HJP Ltd loan agreement it states that it is between “HJP Ltd” and me. With “HJP Ltd” being the “the company” and myself as the “borrower”.

          For the “On Target” loan agreement (Business Development Fund/ Speciality Debt Facility) it states the agreement is between “On Target Limited” and me. With “On Target Limited” being “the lender” and myself as the “borrower”.

          But it does state “The lender may assign the benefit of this deed at his discretion without the consent of the borrower” – I am not sure if this means the debt could be passed to a third party to collect the repayments if the company no longer exists – any ideas?

          So does this mean as the loans came from companies which have now been liquidated the loans can no longer be called upon to be repaid in the future?

          Many thanks

          Comment


            #6
            Originally posted by BeHineU View Post
            Hello,
            Sorry for the delay in replying as I had to find the paperwork for the loans.
            With regards to the tax owed, I want to settle and move on but I would like to understand if I would still be liable for the loans.

            For the HJP Ltd loan agreement it states that it is between “HJP Ltd” and me. With “HJP Ltd” being the “the company” and myself as the “borrower”.

            For the “On Target” loan agreement (Business Development Fund/ Speciality Debt Facility) it states the agreement is between “On Target Limited” and me. With “On Target Limited” being “the lender” and myself as the “borrower”.

            But it does state “The lender may assign the benefit of this deed at his discretion without the consent of the borrower” – I am not sure if this means the debt could be passed to a third party to collect the repayments if the company no longer exists – any ideas?

            So does this mean as the loans came from companies which have now been liquidated the loans can no longer be called upon to be repaid in the future?

            Many thanks
            Hmm.. unfortunately, am not familiar with that sort of set-up from White Collar - you're right to want to get that side of things clarified though.. HMRC will likely take the view that the loan arrangement was a sham and will simply disregard any paperwork; problem is, the owner of your "debt" may not see it that way.. its a similar issue with those of us who were issued loans via Trusts.. settled with HMRC, but the Trusts still consider the issue open. Unfortunately, the only person who can likely give you definitive help is a professional. Maybe reach out to Big Group to see if they are covering your arrangement??

            Comment


              #7
              Originally posted by BeHineU View Post
              Hello
              I contracted through White Collar and obtained loans from the below companies. My question is as both companies have been “dissolved” will this fact make my loans void i.e. I will never be asked to repay the loans.

              Thanks for any help


              ON TARGET LIMITED (126425C) – dissolved 12 August 2015
              Company registered at 1ST Floor, 1 Church Street, Douglas, Isle of Man, IM1 2AG
              https://opencorporates.com/companies/im/126425C

              HJP Limited (125311C) - dissolved 13 July 2012
              Company registered at 2nd Floor, 5 Parliament Square, Castletown, IM9 1LA, Isle of Man
              https://opencorporates.com/companies/im/125311C
              Hi, I'm in exactly the same situation as you. I'm wanting to understand who now 'owns' these loans. It's not sufficient to assume that the loans are now void just because the companies are seemingly dissolved. I'm making enquiries myself and will let you know any useful information, if I can ask that you do the same?

              Comment


                #8
                Originally posted by asdfgh View Post
                Hi, I'm in exactly the same situation as you. I'm wanting to understand who now 'owns' these loans. It's not sufficient to assume that the loans are now void just because the companies are seemingly dissolved. I'm making enquiries myself and will let you know any useful information, if I can ask that you do the same?
                The more information we share can only help us all!!!

                "It seems a loan belongs to a company and if it is no longer in existence then the debt no longer exists. Also, it appears if a debt is over 6 years old it becomes statute barred and cannot be pursued."

                Good Luck to us all

                Comment


                  #9
                  Any update since the last posts on here?

                  Hi,

                  I am in the same position.

                  Trying to understand if a dissolved company (in my case Winchester) can come after me for the loan.

                  Any updates?

                  Comment


                    #10
                    A loan made by a company is an asset of that company.

                    If the company is subsequently dissolved/liquidated/struck off, the assets will go to the shareholders.

                    Those shareholders will either hold the assets on their personal account or may indeed move them into some other vehicle.

                    A loan will not disappear just because the lender is no longer a coherent legal personalty.
                    Best Forum Adviser & Forum Personality of the Year 2018.

                    (No, me neither).

                    Comment

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