Cessation accounts and outstanding debts

Ocean Registered Posts: 2 New contributor ?
Partnership couple (husband and wife) are personally going into an IVA. Due to till ill health they have ceased trading, shut up shop – not sold the business as a going concern. This happened very quickly so they had not been able to plan an exit strategy. The business has quite a lot of debt to an array of creditors. The largest two are their main wholesaler supplier and the landlord for dilapidations. They have contested the landlord’s bill for making the building back into a rentable state but they have finally just accepted it as they just do not have any fight left anymore. On the cessation accounts these outstanding bills will not be fully paid as they do not have enough equity hence the IVA. I want to double check that I can put through all the expenses in the accounts bearing in mind they will not be paid the full amount as this creates a large loss.
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