I was just wondering if my parents have a company which doesn't have much assets and the only liability is a loan to a director, can I use this company and what are the risks involved?
The liability relates to payments that were made by my parents for which the company never repaid. Can they "write off" this amount and then give us the company to start up our own business? Is there any tax consequences of writing this amount off?
Thanks for your replies in advance!