We were approached for advice by an accountant who had provided accountancy services since 2018 with her company and for 20 years as an employee previously. When the lockdown for Covid-19 started the director found that her business ground to a halt, with no one visiting the office. She needed advice on how to close the company. As an accountant she was aware of liquidation but simply did not have the funds to pay their fee upfront.
We discussed in detail the various options with our client and decided to proceed with the dissolution of their business using Future Strategy’s support and guidance. Our client was upset that it had come to this and felt embarrassed, particularly when she notified her regulatory body, but we helped her to see that the events were simply beyond her control and that she was doing the best she could.
The challenge
The company had a small VAT debt and a bounce-back loan but had no money in the business account. The client could simply not afford the VAT payment and knew that the repayments for the bounce-back loan would need to start soon.
Our client was not sleeping due to worry and anxiety. She was applying for jobs and hoping to be back in employment soon. She paid our fee in two installments which was a help.
Future Strategy had the challenge of achieving a successful dissolution of the company with the two associated debts to deal with.
How we helped
As soon as we had received the first payment, a form of ID and a signed contract from our client, our case management team set to work.
The first action we took was to change the company address to our own address.
We wrote to Barclays and HMRC and explained that the business was insolvent and an application to close the business had been submitted. Following the second payment, a DS01 was submitted to Companies House on the 2nd June 2021.
When the bank and a collection agency began to chase the company loan repayments more aggressively, Future Strategy offered advice and reassurance to the client. The bank could not pursue the director personally for payments on a business bounce-back loan. We also dealt with the post from HMRC during this time.
The application to close was objected on 24 June 2021, initially until December 2021, and then again until April 2022. Our client found this frustrating and felt it would never end but we were able to provide regular updates and reassurance.
The outcome
The company was officially dissolved on 10th May 2022 and all debts dissolved with it. Our client is now content with her employed position and was appreciative of the service we provided her.
The client left a 5-star review on Trustpilot and has since referred others to our service.