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FUTURE STRATEGY CASE STUDY

How we helped an engineering consultancy who were unable to pay its debts to HMRC

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Application submitted

July 15, 2021

Date dissolved

March 1, 2022

Company assets

£0.00

Company debt

£20,777.66

Our client approached the Future strategy team for advice in June 2021.  They had set up an engineering consultancy in 2017, and despite the company growing steadily in its early years, the impact of COVID and lockdowns had resulted in the company suffering substantial losses.

Our client was unable to secure a bounce back loan for the business and did not qualify for any other government grants.  This forced our client to cease trading in August 2020 and take on full time employment to secure a predictable income for their family.

The challenge

The company had not been in operation for many months before our client approached our team.  This has resulted in a build-up of unpaid corporation tax and VAT.  The company had no assets and therefore these debts to HMRC could not be repaid.

Future Strategy had the challenge of successfully dissolving the company despite outstanding debts totaling over £20,000 to HMRC.

How we helped

Our client was extremely stressed when they first got in touch with us.  They didn’t know how to resolve the situation and were worried that their family home and other family assets could be at risk.  Our client advisors offered support and reassurance.  We put our client’s mind at ease by explaining that their personal assets could not be impacted by the limited company debts and that our team could successfully dissolve their business.

The outcome

Despite several objections being submitted to Companies House, the company was officially dissolved on 1st March 2022, and all the HMRC debts were written off with it.

Our client was able to continue with their life without the worry of HMRC debts.  They expressed much gratitude to the client advisors for their upfront advice and their personal case administrator for the professional service and successful processing of their dissolution.  They left a 5 star Trustpilot review.