Hello
I am looking to buy a company that has minimal assets but does have a brand name and formulation for a vitamin supplement.
The company has a loan of 108k that it can't repay , however the lender is willing to write off the loan in exchange for being able to use the formula outside of the UK and under his own brand.
The company director has guaranteed a further 30k in loans to the bank.
Does the writing off of the loan attract VAT? As the company currently is not vat registered as revenue falls below the threshold.
Any ideas on how best to make the purchase, the seller is willing to sell (the company has minimal value and the formula is arguably worth £1) but only if her personal guarantee loans are covered.
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