It’s not just when you die that funds in P2P can be problem
Feb 9, 2018 12:52:48 GMT
wiseclerk, stub8535, and 3 more like this
Post by hector on Feb 9, 2018 12:52:48 GMT
A member posted earlier a post re ones estate etc extracting funds from P2P platforms when the final whistle blows. I have just completed a similar process on behalf of one of my Ltd Cos but whilst still alive. It wasn’t easy,
Having retired from the business in Ltd Co in question, being the only director & shareholder I completed all the Cos affairs & paid the last trading period’s Corporation tax early, via my accountants I applied to C H for a MVL (solvent Company) with all assets/cash becoming my property. Dealing with C H was straightforward, but sorting P2P across various platforms has not been.
I did the obvious & cashed in all the “investments” I could & extracted the funds via the business P2P into my private account. Surprise, there were a load I was stuck with, either frozen, in recovery! or just unsalable. Despite sending copies of all C H correspondence, plus individual letters from my accountants to each P2P individual platform confirming it was a MVL (Solvent), transaction, trying to get platforms to transfer ownership of those “investments” from the business to my private name/account has taken months, in some cases not until after the Co has been struck off & bank accounts closed. In all cases they claimed never to have had to do a transfer before. With tens of thousand of P2P investers there has never before been deaths, insolvencies, liquidation’s none ??
So, to any investor thinking they might require to transfer investments, sort the P2P platform out before worrying about vat, C H, HMRC etc etc !
Having retired from the business in Ltd Co in question, being the only director & shareholder I completed all the Cos affairs & paid the last trading period’s Corporation tax early, via my accountants I applied to C H for a MVL (solvent Company) with all assets/cash becoming my property. Dealing with C H was straightforward, but sorting P2P across various platforms has not been.
I did the obvious & cashed in all the “investments” I could & extracted the funds via the business P2P into my private account. Surprise, there were a load I was stuck with, either frozen, in recovery! or just unsalable. Despite sending copies of all C H correspondence, plus individual letters from my accountants to each P2P individual platform confirming it was a MVL (Solvent), transaction, trying to get platforms to transfer ownership of those “investments” from the business to my private name/account has taken months, in some cases not until after the Co has been struck off & bank accounts closed. In all cases they claimed never to have had to do a transfer before. With tens of thousand of P2P investers there has never before been deaths, insolvencies, liquidation’s none ??
So, to any investor thinking they might require to transfer investments, sort the P2P platform out before worrying about vat, C H, HMRC etc etc !