If my limited company goes bust, will I lose my house?
| 20-08-2021No, as the director of a limited company, in most circumstances, if your company becomes insolvent you will not lose your home.
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No, as the director of a limited company, in most circumstances, if your company becomes insolvent you will not lose your home.
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Directors wishing to close a company can apply for a 'strike-off’, however, if there are unpaid creditors, you could see the strike-off application rejected.
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Directors who provided personal guarantees can become personally liable if their insolvent company enters liquidation, as the guarantees then become enforceable.
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Directors may take money from their company through a Director’s Loan Account. Issues can arise if the loan isn't repaid and the directors liquidate or close the company.
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Sheffield-based insolvency practitioners Wilson Field celebrates its twentieth year in business Nick Wilson, talks about the business and its inception in 2001
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Running a business can be challenging, and sometimes directors may disagree. A director dispute can lead to a slowdown in decision making.
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