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Posted Tue, 08 Oct 2024 16:41:16 GMT by AlinaSelfAccountant
I am director of a limited company which is not trading since April this year. I closed the bank account but the company is active. A few days ago the company won a small claims court and is due to receive the debt.
Can I in order not to open a bank account, as a director (also the sole shareholder) receive the debt on my personal bank account given:
- there is a directors loan to the company exceeding the debt value
- there is zero other liability, tax or loan on the company
At the end of the accounting period what has been received will be duly written off from the director's loan account.
As a more advanced option, can I purchase this debt from my company writing off the due amount from the director's loan account , in this case I could close the company and the debt will be owed to me as an individual.
Thank you for your help
Posted Thu, 17 Oct 2024 10:50:28 GMT by HMRC Admin 13 Response
Hi AlinaSelfAccountant
Unfortunately we are unable to access records on this forum so we would not be able to advise you on the returns of your company and what is outstanding.
HMRC cannot offer accounting /tax planning advice. 
If you still have an issue regarding your proposals then please either: 
Contact HM Revenue and Customs or get professional tax help for further advice. 
Thank you

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