creditors voluntary liquidation

[rodddde]

HELP. My company is in creditors voluntary liquidation. Prior to the liquidation I received loans from the company's employee benefit trust. I was under the presumption that by collecting all the monies owed from the debtors that this would clear all creditors. This has'nt happened and there is a large amount owed to creditors. The liquidator has been querying the payments made to the EBT and has now employed a solicitor to act on his behalf and have just received a letter from him querying all the payments to the EBT and clearly looking for all of the EBT loans to be repaid. My question is as follows; The amount of the loans is much greater than what is owed to the creditors so would I be in a position to say to the solicitor that i am more than happy to pay all outstanding creditors and liquidator/solicitor fees but will not repay the total loan amounts as to do this i would probably have to sell my house and it is alot more than what is actually owed. I would then presume it would be difficult for them to take me to court as i have already agreed to pay all outstanding debts? Any comments would be most appreciated.

[AvocadoK]

clearly looking for all of the EBT loans to be repaid.

What makes you think that? It is more likely that the liquidator is only looking to recover sufficient to repay the creditors. I suggest you propose to him that you will inject sufficient money into the company to repay the creditors.
Of course, one or potential creditr creditor will be HMRC, the liquidator will need to get HMRC's agreement that there is no tax owing before closing the liquidation. Depending on what sort of EBT you have used and how it has been treated for tax, they may be seeking a tax payment. No doubt you have read that HMRC are giving Rangers FC a hard time over their EBT! You'd be well advised to get the input of an insolvency practitioner to protect your interests.
AK

[rodddde]

thanks for your comments, most appreciated!