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.

[tom 7000]

It will be cheaper to talk to a senior tax manager at PWC and get their opinion...I am guessing here, but if you can show the payments were for the purpose of the trade and made when the co was solvent so there was no preference you may not have to pay them back.

Also what about the guy who set up the EBT, cant he help?