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Where low funds or a negative cash flow won’t allow it, taking dividends without sufficient profits would create an ‘unlawful dividend’.
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Dissolution is designed for solvent companies. The company must settle all its debts before dissolving. It is unsuitable for insolvent companies.
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Yes, HMRC can investigate and chase dissolved companies if they have outstanding tax debts when they are struck off from the register at Companies House.
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If you resign as a company director, you are not automatically liable for that company’s debts. Directors have limited liability protection.
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When a company is operating as ‘going concern’, it indicates that the company can continue trading without the threat of insolvency and is unlikely to enter liquidation in the next financial year.
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A CBILS loan is treated like any other unsecured company debt. Loans up to £250,000 did not require a personal guarantee, so the director is not normally personally liable.
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