Ltd account

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paulr
paulr Registered Posts: 48 Regular contributor ⭐
in General accounting discussion
My client invested 15k capital to set up the Ltd company four years ago; this is still showing against Creditors on the Balance sheet as a Loan; He now wishes to cease trading and "close down " the company;
What suggestions does any one have as regards recouping the 15k as the reserves are only 2k;and bank balance at 1k;
Paul R.

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  • groundy
    groundy Registered Posts: 495 Dedicated contributor 🦉
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    If the £15k isnt there he won't get it!

    Simples!
  • Marga
    Marga Registered Posts: 981 Epic contributor 🐘
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    hi , i would ask him if he has been taking any drawings during the 4 years? this might have already been given to him or if he has taken the profit from the business to personal use?

    if neither he has been taking any drawings or paid himself salary or taken any profits during these four years and the company at the moment is on £3K only to me it seems that the business has not done so well and therefore the investment he put in as £15K wont be returning to him , maybe that is why he wants to cease trading?

    Is there any one else on the company?

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