KEEPING YOU INFORMED • Company Voluntary Arrangements • Individual Voluntary Arrangements - Consumer Debts • Liquidation • Individual Voluntary Arrangements - Business Debts • Administration • Bankruptcy Appointments | email: Griffin & King, 26-28 Goodall Street, Walsall, West Midlands WS1 1QL What’s the biggest overdrawn director’s loan account you’ve ever come across? Perhaps £50,000? Answers to - I’d be interested. We’ve come across some big ones in our time - as you can imagine. The latest is a company with two directors - one owes over £300,000 to the company and the other around £175,000. In total, nearly half a million pounds! Would you believe it, the debt to HMRC is around £500,000! I’ve been appointed liquidator following a petition having been issued by HMRC. The one director thought he could do accounts and didn’t need the ‘unnecessary’ expense of an accountant. We’ve heard that before, so many times. The painful bit (for the directors) starts now - repayment of the loan accounts and dealing with the HMRC enquiry. Of course, it’s better if these problems can be avoided or at least dealt with before they get too serious. If you spot a client who is running up an overdrawn director’s loan account that is getting out of control and there are unpaid debts on the other side of the balance sheet - please call for a chat. We will have some positive input and could help your client. OVERDRAWN DIRECTORS LOAN ACCOUNTS - A NEW RECORD! BUSINESS RESCUE, RECOVERY AND TURNAROUND News and views from the Griffin & King team Autumn 2017 Management team: Janet Peacock, Cheryl Gray, Tim Corfield, Emma Wallis, Mark Shaw. Download a copy by Tim Corfield WRONGFUL TRADE. WHAT SHOULD DIRECTORS DO TO AVOID PERSONAL LIABILITY? Page 2 MY LIQUIDATION JOURNEY Page 2 GOOGLE Page 3 STRIKING NUMBERS Page 3 OUR NEXT SEMINAR Page 3 THE LAST WORD Page 4 COMPETITION TIME Page 4