What Happens If My Business Cannot Pay Its Corporation Tax?

The quick answer You need to be proactive and contact HM Revenue and Customs and ask for time to pay if you want to keep trading. If your business cannot afford to pay its Corporation Tax then HM Revenue and Customs will send in a bailiff to your business premises to seize company assets in […]

Effects Of Liquidation On A Business

The quick answer The effects of liquidation on a business means that it will stop trading and the powers of the director’s will cease. The directors are replaced by a Liquidator whose job it is to realise the assets of the business for the benefit of all the creditors. All of the employees are automatically […]

What Is The Difference Between A Business Liquidator And An Official Receiver?

The quick answer The Official Receiver is a civil servant employed by the Insolvency Service who deals with compulsory liquidations and bankruptcies. A business liquidator is an individual working in the private sector and is a Licensed Insolvency Practitioner. In more detail When the directors want to liquidate a company they will need  a Licensed […]

How To Have A Cheap Liquidation And Quickly

The quick answer The cheapest liquidation for an insolvent company is usually £3,000 plus vat. This is if the company has two or less shareholders, no employees and no more than 5 creditors. The cheapest solvent liquidation is £1,500 plus vat for assets held of up to £100,000. The cost of liquidation can increase if […]

How To Close A Business That Is In Debt

The quick answer In a nutshell, the three options to close a company are: 1. Striking off using Companies House from DS01.  If you do not owe any creditors or very small sums then you can deal with striking off yourself or get your accountant to do it. 2. Compulsory liquidation. Where you have a […]

The Business Liquidation Procedure

The quick answer The liquidation of a company may be the best option for an insolvent business that can no longer continue to trade profitably. Liquidation is a commonly used procedure with thousands being completed every year. You can read our very quick guide below, or continue reading for more detailed information on the processes […]

How To Wind Up A Company

The quick answer When a limited company is insolvent it can be wound up using a Creditors Voluntary Liquidation where you choose an insolvency practitioner like us to act as liquidator. Alternatively, a company can also be wound up by the Court. The Court route is used for companies with very few assets or when […]

How To Safely Liquidate A Limited Company With Assets

The quick answer Since the 1st March 2012, a limited company with assets above £25,000 has had to use a Member’s Voluntary Liquidation (“MVL”) if it wants to treat the money returned to shareholders as capital rather than income. The main advantage to an MVL has been to save tax. Money paid to shareholders of […]

How Quickly Can I Liquidate My Company?

The quick answer You can put your company into liquidation within seven days by giving written notice to all known creditors. We would normally do this for you. Shareholders are entitled to a longer period of 14 days notice unless they consent to short notice (they often do).  In more detail Liquidate My Company Although […]