twisted up a company? Question: if you wind up a company and you cannot

Question: if you wind up a company and you cannot reward the debts what are the implications for a controlled company.

and also how will it effect the directors and company secretary if you cannot pay the bills

the company will go in debt & cease to exist. the directors & secretary will depend on wether they have to give personal pledges to out of harm`s way the firms finances. If this is the case after assuming the firms assets when sold of do not pay sour all the depts owing the remainder will be the liabillity of the pledgees I.e direcors etc. hope this help

Answers:
If you cannot discharge debts, you need to be in motion to a bankruptcy court. Most expected, the court will order a public sale of the company's assets, with proceeds going to the creditors. After that, the company properly ceases to exist.

The effect on directors and secretary is intensely simple; they are no longer directors and secretary.
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