I am looking at doing a full and final IVA with money from the sale of a struggling business, my situation is very complicated as I have a large debt as a sole trader (75k, 46 of which is HMRC)the business is now a limited company but the lease is in my name, I am looking to sell the lease (hopefully for around 40k)but I dont know the legalities of sorting out/seperating the ltd company and sole trader, the limited company has debts of around 18k. I really dont know how to sort this mess out, I have a new job and just want to sort out my debt problems once and for all and start working and paying taxt and ni as normal again. please help. ps to make things more complicated, I am renting ( have 2 children living with me and 2 every other day)I am due some money, (about 25k from the impending sale of the house from my previous relationship which my ex has been living in for the last 8 years, will I have to declare this money also. PLEASE HELP!!
The debt with HMRC goes back a long way,I started the business (a pub)in 2003, I went into this business with a couple of friends/coleages but it was set up in my name (stupid i know)the vat debt gradually went up as we were putting money into the business to make it work, we used credit cards a lot on the basis that we could borrow further down the line and consolidate. (we got the pub for nothing as it needed a lot of investment to turn it around)the debt gradually grew, we set up payments to reduce the debt and this would have reduced the debt over a period of time, unfortunately as everyone knows, pubs are doing badly and closing everywhere,so I am now unable to keep up these payments.