Winding up orders by Revenue and Customs - help!

[manicmuvvaof3]

Sorry if details are vague but has anyone (self employed) been wound up by Revenue and Customs?
My dh's company lost a major client last year(it went bust suddenly) and the co. has got further and further into debt and has now been given some sort of court order. He's meeting liquidators today, and does tell me whats going on but anything financial just makes my brain ache . We owe so much money, are also behind with mortgage, household bills, car payments etc and now this!
I have to go out with youngest dc soon but thanks in advance.

have never heard of this, would get some advice from Citizens advice quickly if I was you, sounds really complicated-sorry not very helpful.

Wow thanks for your quick reply, yes we will try the CAB. Thank you

Yes, definately see advice quickly, much better to find a voluntary way of appeasing your creditors before you find yourself any further in arrears and possibly threatened with court.

Hope you can find a way through this.

What do you need to know exactly? A winding up order is just to tell you to put your financial affairs in order when the company is being liquidated.

Unless it's notification from HMRC about the other company being wound up - to let you know, so that you can advise to the liquidators of other company how much you are owed by them.

Can you make it clearer what the notice says?

If he is meeting the liquidators, they will advise your dh of what needs to happen and how it will happen.

Sorry all this is happening to you, very stressful time. Was your dh's company limited?

Eurgh, been gthere and done that with my exs business. Basically they have got the order because the company owes them (potentially) more VAT than they think it can afford to pay. There should be a figure that the company owes somewhere on the papers, if there is then basically you need to pay it before the date stated, plus their legal costs or they are entitled to wind up the company and take any assets of it.

Sorry for the bad news, but it's better to know

Thank you all - as I say I am a COMPLETE airhead when it comes to all things financial, I just can't get my head round it. All I know is Dh has struggled on and on, borrowing from Peter to pay Paul etc. He still has plenty of work coming in but as Wheresthevalium says, I think it's because his VAT arrears are so much and they are sick of waiting. I really must go out now but thank you all so much, wish us luck!

Good luck, hope he sorts it out. The VAT people can be reasonable as long as you stay in constant contact with them, after all it isn't in their interests for you to go bankrupt.

I delayed VAT payments for a company for a long time during major cashflow problems so all may not be lost.