Liquidation Question

Hope someone can clarify the following:

If you worked in a company on a Post-Study Work where you were a director and that company goes into liquidation - Will this affect your application for Entrepreneur Visa (on an another active company)?

Thanks

If a director has no personal guarantees on outstanding debts then he or she cannot be pursued for them personally. That is the purpose of having a ltd company - so the owners only have limited liability for those debts.

The directors don't necessarily need to declare themselves bankrupt but the inland revenue will be informed by the liquidator of the status of the company, if there has been any malpractice then the director could be barred from holding any more directorships.

http://www.liquidationadvice.org.uk/

kamilanwar wrote:Hope someone can clarify the following:

If you worked in a company on a Post-Study Work where you were a director and that company goes into liquidation - Will this affect your application for Entrepreneur Visa (on an another active company)?

Thanks

entrepreneur123 wrote:If a director has no personal guarantees on outstanding debts then he or she cannot be pursued for them personally. That is the purpose of having a ltd company - so the owners only have limited liability for those debts.

The directors don't necessarily need to declare themselves bankrupt but the inland revenue will be informed by the liquidator of the status of the company, if there has been any malpractice then the director could be barred from holding any more directorships.

http://www.liquidationadvice.org.uk/

kamilanwar wrote:Hope someone can clarify the following:

If you worked in a company on a Post-Study Work where you were a director and that company goes into liquidation - Will this affect your application for Entrepreneur Visa (on an another active company)?

Thanks

I understand but from the case-workers point of view, will he consider or relate (previous company that is in liquidation) when you submit an application?

Thanks

Personally i think as long as you are not barred from holding any more directorships, it should be ok. Could you explain further, any action were taken against you from your previous company liquidation? I am not sure to what extend UKBA might go to find out this.

kamilanwar wrote:

entrepreneur123 wrote:If a director has no personal guarantees on outstanding debts then he or she cannot be pursued for them personally. That is the purpose of having a ltd company - so the owners only have limited liability for those debts.

The directors don't necessarily need to declare themselves bankrupt but the inland revenue will be informed by the liquidator of the status of the company, if there has been any malpractice then the director could be barred from holding any more directorships.

http://www.liquidationadvice.org.uk/

kamilanwar wrote:Hope someone can clarify the following:

If you worked in a company on a Post-Study Work where you were a director and that company goes into liquidation - Will this affect your application for Entrepreneur Visa (on an another active company)?

Thanks

I understand but from the case-workers point of view, will he consider or relate (previous company that is in liquidation) when you submit an application?

Thanks

entrepreneur123 wrote:Personally i think as long as you are not barred from holding any more directorships, it should be ok. Could you explain further, any action were taken against you from your previous company liquidation? I am not sure to what extend UKBA might go to find out this.

kamilanwar wrote:

entrepreneur123 wrote:If a director has no personal guarantees on outstanding debts then he or she cannot be pursued for them personally. That is the purpose of having a ltd company - so the owners only have limited liability for those debts.

The directors don't necessarily need to declare themselves bankrupt but the inland revenue will be informed by the liquidator of the status of the company, if there has been any malpractice then the director could be barred from holding any more directorships.

http://www.liquidationadvice.org.uk/

kamilanwar wrote:Hope someone can clarify the following:

If you worked in a company on a Post-Study Work where you were a director and that company goes into liquidation - Will this affect your application for Entrepreneur Visa (on an another active company)?

Thanks

I understand but from the case-workers point of view, will he consider or relate (previous company that is in liquidation) when you submit an application?

Thanks

No don't have anything against me, it's the company that has gone into liquidation. The policy guidance says

"The report must show your name, as named in your application form, as the Director of a
business that is actively trading and not struck-off, or dissolved or in liquidation on the date that
the printout was produced."

My conclusion of the above statement is "They want to see you are a director in a company that is active".

Hi kamilanwar,

How are you doing my friend?

With regards to your question, you can be a director of as many companies as you want. However you need to invest in a company which is NQF Level 4 or above.

If your old company goes into liquidation and you apply under the same company then your visa would be refused because the company is not active.

However if you open a new company (which is active) and show yourself as a director of a new company then there is no need to worry about the old company.

Hope this helps??