Well, the meeting happened today and it’s official – My company is insolvent. Loads of forms for me to sign but importantly none of my creditors turned up to the meeting, which made it really easy.
There were 4 creditors due, my bank, my accountant and the HMRC (2 debts) and none were interested in attending. Although that is good news, it kind of shows how you are viewed. The debt of £24,000 is massive to me but apparently not worth anybody else’s time!
What happens now is that all the forms and reports are sent to the creditors and Companies House, and I will appear in the paper next Thursday. Coincidentally, I am in London next Thursday so may buy the financial paper out of morbid curiosity. It is sad though, I worked very hard to set myself up but in the end, the HMRC and family related issues meant I could never carry it on. Once you find yourself in trouble, you rarely get out of it.
With regards to the timelines, everything will be completed by 31st January 2015. Any of the Creditors, before that time, can challenge anything they like but as my company has a total asset listing of NIL, the Insolvency Practitioner and I find it unlikely we will see that challenge as it is a waste of time.
I don’t feel great about it at all though, a lot of you will think I should be relieved but not really. It’s still a form of giving up in my eyes but life teaches you that you cannot fix every situation. Sometimes you have to stand up and say “I’ve done all I can, help?” and this is what happened here.
For anyone going through this, or planning on Insolvency, this is what it means to me personally. The Insolvency goes against my company and not me personally, meaning I do need to declare it. The Insolvency does not touch personal possessions so I won’t lose my home. Finally, it stops brown envelopes. The flood of them with the associated threats.
For that peace of mind, the decision has been the correct one.