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I would have been needing to submit my 1st ever set of accounts in January.
However, a few months back a number of things happened simultaneously which tipped me over the edge. There probably hasn’t been a day go by where I haven’t contemplated ending it all such is the condition of my mental state. What’s ironic about this is that I am about to publish my 1st ever book which is about the male identity. I will make hardly anything from book sales -but it is intended to give me a platform to start marketing a coaching business, something I have always wanted to do. I still call have been able to find any more contracts since May – the whole IT / Tech landscape is anaemic at the moment. And so given I have had no money coming in i still had a wife and children to support. As per my previous post this was around the same time that I found out about what a Directors Loan Account DLA is, and also that even if I liquidate the business I would be pursued personally for the ODLA. I genuinely didn’t know but anyway I am where I am. During the same period I also found out that my wife wanted us to consider separating, and I also discovered that I have a medical condition that means I will just keep getting Sepsis. I have already had it twice so far – the last one being a few weeks back where I spent 8 days in hospital.
It was the cumulative effect of all this that resulted in me having a complete mental breakdown.if you have never had one basically in my case, I was walking along the path and I just sat down crying, in total despair. Thankfully some passers-by stopped and eventually drove me home. I’ve suffered from mental illness my whole life but this recent period is like an altogether new level.
So where I am is this.
– I no longer have an accountant
– there are c400 transactions that still need to be reconciled in Xero
– ODLA – balance will be in the region of £30 – 40k overdrawn
– there is our family home where I have equity but it’s also where wife & 2 children, 1 of which is disabled live
I just can’t handle this, I went past caring ages ago. I have tried and tried to get more contracts to no avail
The questions I have vis-a-vis SpongeBob plan are:
– My only creditor is HMRC, or more accurate description would be HMRC WILL be my only creditor if I did send in a 1st set of accounts come January
– Given I won’t be sending any accounts in AND instead I will have sent in the initial letter to my creditors (HMRC in my case). I assume that they will block any requests for dissolution and will appoint an IP to liquidate my business
– The liquidator is going to expect me to cough up a chunk of cash that I simply don’t have to settle the ODLA.
– from what I have gathered on here I will, by the time it gets to this stage, be able to ‘potentially’ negotiate and agree on a reduced amount to settle ODLA
– The very best I will be to offer is a payment plan, based on my income & expenditure report, which given the amount will take me years to repay
– They can take me to court to force the sale of our house. I know legally they can do this but I will fight it all the way and question whether it is in the public Given the negative impact on my sons disability (this would ser 2)j Back 1-2 years along with my own mental jjeth. From what I have read –
Honestly folks this is by far the worst year of my life, however I’ve learned some very painful lessons and if I came across them again in the future I am going to be well prepared. And please I really don’t want any judgments from any of the holier than thou mob. I had no idea that my entire life was about to collapse in the way-it has. i was there happily going on with working and then bang, bang bang life just came along and turned me upside down.
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