Cancer Research UK main site
  • Replies 10 replies
  • Views 3292 views
  • Users 0 members are here

Need to close my Limited business, but cannot afford to? Panic.

Jools2014
Offline

Hello. I'm looking for advice please The cancer diagnosis has changed everything. I have a Ltd company and I need to close it and focus upon family.

Panic: there is not enough cash in the business to close it. Cash reserves have been spent paying subcontractors to cover my absence for the last three months, and projections suggest it will take another 8 months to build up enough reserves to close it (paying off owed tax, accountancy bills, ongoing running costs) - and this would of course require me to keep on doing the work (which I should not really be doing due to the surgery I have had), effectively working for 8 months for nothing. ("The hidden costs of cancer diagnosis" ?)

Not sure which way to turn for help in this. Radiotherapy due next week. I'm in a total spin, panicking. Has anybody been here before?

Parents

  • A very warm welcome to Cancer Chat Jools, although I'm really sorry to hear about your diagnosis and the impact this has had on your business. 

    I've been doing some research and have found some organisations you can get in touch with that will hopefully help make this a lot less stressful for you.

    If you haven't done so already, it would be a good idea to get in touch with Citizen's Advice as they will be able to advise on your situation.

    Secondly, Macmillan have an article on their website, making decisions about your business, which includes a section about closing your business that might be useful at this time. They also have a financial guidance service you can call on 0808 808 00 00, which will give you the opportunity to discuss your situation in more detail with dedicated financial advisers.

    Finally, you may be able to find some more information on the GOV.UK website.

    I really hope this helps and that the start of your radiotherapy goes well next week.

    Kind regards,

    Steph, Cancer Chat Moderator 

  • Offline in reply to Moderator Steph

    Thank you Steph, this is really helpful. I am mindful that my accountant may be happy to help me... for a fee. I get the sense that vultures are circling. The start of radiotherapy next week might be adding to my worries. Can anybody else relate to this feeling of needing to clear the decks before treatment and whatever lies ahead? 

  • Offline in reply to Jools2014

    Hi Joils,

    They used to call it “getting your affairs in order” . 
    Whilst waiting for chemo I made sure my will was up to date, that the will, life insurance and other essentials were in place, that my accountant knew to wind my business up if I died and I’d even put together a play list for my wake! All “just in case” - so I’m sure a lot of people on here can relate to your activities. 

    Whatever gets you through. 

    Best wishes
    Dave

Reply
  • Offline in reply to Jools2014

    Hi Joils,

    They used to call it “getting your affairs in order” . 
    Whilst waiting for chemo I made sure my will was up to date, that the will, life insurance and other essentials were in place, that my accountant knew to wind my business up if I died and I’d even put together a play list for my wake! All “just in case” - so I’m sure a lot of people on here can relate to your activities. 

    Whatever gets you through. 

    Best wishes
    Dave

Children
No Data

Speak to a nurse

Quick links

Follow us

Registered with Fundraising Regulator (logo)
Cancer Research UK is a registered charity in England and Wales (1089464), Scotland (SC041666), the Isle of Man (1103) and Jersey (247). A company limited by guarantee. Registered company in England and Wales (4325234) and the Isle of Man (5713F). Registered address: 2 Redman Place, London, E20 1JQ.