Pulling the plug on my Ltd co after 18 months, couple of quick questions on winding down
Spent the last week looking at the bank balance and we've finally hit the wall. 18 months in, cash runway is completely gone after two of our three main retainers pulled out back in May. We're sitting on roughly £16,000 in total business debt between unpaid suppliers, HMRC VAT, and a small overdrawn director loan.
Trying to make sure I don't mess up the legal side of closing this down properly. Spent yesterday going through HMRC guidance pages, looking into liquidation options vs striking off, and emailing our accountant to see what he'd charge for final filings.
The main headache is a £4,200 VAT bill due in a few weeks. We only have about £1,100 left in the bank account after paying off our cloud hosting and software sub for this month.
If anyone here went through a voluntary shutdown with HMRC debts, did you just let them object to a DS01 form or did you pay for a formal liquidation straight away? Just trying to avoid dragging this out forever.
EDIT : Appreciate all the replies and DMs. Spent the morning going through everything. Sounds like pushing a DS01 with unpaid HMRC debt will just get blocked immediately, so looking into a proper CVL instead. Booked a free call with Director First to review the loan account and liability stuff before deciding on the next step. Will update if anyone's interested in how it goes.