You also need to bear in mind though that if you do go bankrupt and your paperwork is in such a mess the Official Receiver may decide that this could form the basis for a bankruptcy restriction. In my opinion it would be worth doing the returns whether you do the IVA or not but ultimately it would be your decision.
HMRC are very strict when it comes to considering an IVA proposal especially if they are a majority creditor.
Tax returns being up to date is generally one of their main initial requirements.
Lisa Thomas wrote:FYI Bankruptcy and IVA are two different procedures.
I understand bits about it all but not enough to make a rational decision. i'm in trouble financially (obviously otherwise I woudn't be on here ) I've had a bad few years with personal problems which led me to not running my business properly and therefore not doing any paperwork really for the last few years. I think I've manaaged to get through the bad patch and would like to concentrate on getting my business back running properly, the trouble is i've lost everything monetry wise and would just like to draw a line under it all and start again. I just feel declaring myself bankrupt and starting again would be the quickest way to do this, as i don't have the money to pay for an accountant to sort my books out for the last few years or the head space to try and do it myself, hope i'm making sense ?
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