Urgent advice: Transferring of static caravan from Ltd company name?

[Jdmw]

Please can someone help with this issue? I bought a static caravan with personal money and transferred it to my company name with the intention to operate it as a business. I'm in financial difficulty and want to sell it to pay off debt.

I've never used it to trade. is it possible to simply transfer it back to my name?

TIA

[atticus]

Tia, if you transfer an asset out of the company, and if insolvency of the company is likely to happen within the next 5 years, you must do so for payment of its full value. Otherwise a liquidator can take action against you in respect of a "transfer at an undervalue" under s339 Insolvency Act 1986.

[Jdmw]

Thank you for your response, I owe no debt to anyone through the company apart from a bounce back loan.

And the purchase funds of the caravan was all in my personal name, not in the company. Does this make any difference?

[HariSeldon]

I owe no debt to anyone through the company apart from a bounce back loan.

Will selling the caravan allow you to pay back the bounce back loan?

[atticus]

The purchase funds of the caravan was all in my personal name, not in the company. Does this make any difference?

You have made it an asset of the company. Will you be transferring it back into your name for no payment from you to the company? Or will it be as HariSeldon asks?