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Leger


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As mentioned in another thread, I am about to downscale.  I currently operate through a Ltd Company but will be insolvent when the next rent is due on 1st February.  

I'm undecided whether to set up a new Ltd Co or just become self employed.

I have a trading name which I use. Am I able to continue with the trading name eg new company trading as, or just simply use the trading name as a sole trader.  The present Ltd Company is an abbreviation (almost) but was shortened from what is the trading name (almost) 

I'm reluctant to change it but accept that may be inevitable.

 



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John 

 

 

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BudgetB


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Hi John,

Re-use of names is a tricky field, you would be best advised to have a read of the official guidance.

https://www.gov.uk/government/publications/re-use-of-company-names/re-use-of-company-names

 

Sorry to hear that you're looking at having to start over.



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Jenny

 

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Shamus


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Hi John,

Pheonixing isn't illegal so long as no personal bankruptcy or disqualification was involved.

For the trading name I can see arguements in both directions so I would advise seeking the advice of someone with extensive liquidations experience (not my area at all I'm afraid... I would need a completely different sort of certificate of the ACCA for that one).

I am thinking that you could ask one of the accountants that you deal with but at the same time I'm thinking that maybe you don't want them to know.

Genuinely wishing you the very best matey,

Shaun.

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Shaun

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Artois


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Hi John, sorry to hear things did not work out with the shop but at least you still have all your existing clients



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Doug

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Leger


Master Book-keeper

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Thanks Jenny, Shaun and Doug.

I've had confirmation from an Insolvency Practitioner that I won't fall foul of pheonixing regulations as it only applies to Companies liquidated as opposed to a DS01 strike off, so that's good.  As you say Doug, I still have my other clients. Hindsight is a wonderful thing but I don't regret it, I genuinely thought we would be coming out of the woods last July but alas, it was not to be.



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John 

 

 

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AC


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Reason for not trading out of it instead, part from obvious? Any prof body issues?

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AC
Leger


Master Book-keeper

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Thanks AC, unfortunately there isn't enough income coming in to clear the debt in a reasonable space of time.  I'm liable for the rent until July, plus any repair costs, of which there could be about £3000 at worst.  The building hasn't been maintained but the terms of the lease state I'm responsible for putting it right (my fault for not checking the lease properly) 

Roughly £7000 of other debts.  (amended as I forgot the BBL loan)

Sorry, also forgot to add, QBE, so no prof body issues

 


-- Edited by Leger on Friday 15th of January 2021 11:10:52 AM



-- Edited by Leger on Friday 15th of January 2021 11:12:27 AM

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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Amanda


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Sorry it didn't work out John, like Doug says at least you have your clients still, and with the vaccine being rolled out hopefully things will pick up.

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Amanda
Leger


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Thanks Amanda

I'll be ceasing the Ltd Co on 31st January as the rent is due the following day and I can't pay it.

Keep tossing between do I get a small office back in North Yorkshire or work from home? (small flat but did so during the first lockdown) 

Anyone any idea on what I need to do about AML?  Currently it's under the name of the Ltd but whether HMRC will allow me to change it I don't know.

If I have to set new AML up can I get new agent codes quickly or will I need to wait until AML is in place?



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Artois


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Leger wrote:

Thanks Amanda

I'll be ceasing the Ltd Co on 31st January as the rent is due the following day and I can't pay it.

Keep tossing between do I get a small office back in North Yorkshire or work from home? (small flat but did so during the first lockdown) 

Anyone any idea on what I need to do about AML?  Currently it's under the name of the Ltd but whether HMRC will allow me to change it I don't know.

If I have to set new AML up can I get new agent codes quickly or will I need to wait until AML is in place?

 Not sure John, I just left my AML in my own name moving from sole trade to Ltd, but i suppose if you have it in your Ltd name you will have to apply for it again and then get new agent codes

 



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Doug

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BudgetB


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Agent codes can take a little while to come through so I'd crack on and organise them, no need to wait until the new trading date to do it, and unless things have changed since I last got agent codes no need to demonstrate AML in place in order to get them.  Agree that if AML is in Ltd name then it will have to be redone in your own name. 



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Jenny

 

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Sammi


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Leger wrote:

 

I've had confirmation from an Insolvency Practitioner that I won't fall foul of pheonixing regulations as it only applies to Companies liquidated as opposed to a DS01 strike off, so that's good.  A

 How can you complete a DS01 in this circumstance plz?



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Leger


Master Book-keeper

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Hi Sammi 

There are insufficient funds/assets to pay a liquidator. 



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
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