Limited company means he is not responsible for the debt the company owes.

He ill owe out ALOT more than he owes you, you will never see a penny unless he is pursuaded to pay you out

You can always sell the debt to someone - I was offered this, a few doormen and a pub landlord (very nasty character) offered to buy the debt for 50 quid.

Why, well you may not see your money but you know he will have had to pay up, or taken a little hurties for it's equivilant

I didn't bother, as they way I saw it, they may class it as a favour, it may come back and bit you in the ass