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 […]
How Do I Stop Compulsory Liquidation Happening To My Business?
The quick answer In most cases, if your business is being pushed into liquidation, it is normally because you owe someone (a creditor) more than £750. The easiest way to stop the process is simply by paying them in full. The alternatives are a Court hearing if you dispute the debt, asking for an adjournment […]
Advantages And Disadvantages Of Liquidation
The quick answer Liquidation is a very useful way of closing a limited company that is no longer able to trade due to its debts. It should not normally be used where the company is solvent, or when the business in the limited company can be restructured or saved (administration or a CVA is usually […]
Why Should I Liquidate An Insolvent Company?
The quick answer The main reason to liquidate an insolvent company is to make it ready to close down. The main advantages to doing this are: Creditors should stop chasing you for money. As a director you can go off and do something else. Employees will be able to claim redundancy. There is no longer […]
What’s The Difference Between Liquidation And Dissolving A Company?
The quick answer Liquidate means a formal closing down by a liquidator when there are still assets and liabilities to be dealt with. Dissolving a company is where the business is struck off the register at Companies House because it is now inactive. The two are very different processes. Liquidation means you need a Licensed […]
What Rights Does A Creditor Have In Liquidation Or Bankruptcy?
The quick answer Creditors have various rights. One is to be kept informed so they should receive reports on the progress of the liquidation or bankruptcy. This should be at least annually. The second is to be paid back some or all of the money they are owed if sufficient assets are realised in the […]
What Is Compulsory Liquidation?
What is Compulsory Liquidation? The quick answer Compulsory Liquidation is the process for a creditor (someone owed a debt) to use to force a company into liquidation in an effort to make it pay back the debt. It can also apply to Limited Liability Partnerships in the same way as limited companies. Compulsory Liquidation is […]
