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Members Voluntary Liquidation
A Members’ Voluntary Liquidation is the process through which the shareholders can close a solvent limited company. It is the most tax-efficient means of closing a solvent company without debts, and often used by directors reaching retirement. For companies with assets over £25,000, it requires the assistance of an insolvency practitioner who will liquidate any assets and distribute the proceeds to shareholders. Finally, the company will be dissolved.
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Can’t pay company debt
Unfortunately, creditor pressure won’t just stop unless you take action. Those persistent phone calls, final demand letters, and invoice reminder emails will not go away if you put your head in the sand. And HMRC are becoming increasingly aggressive in pursuing tax arrears and taking directors to court with increased regularity. Which means the best time to take action is now – before the insolvent position of your company worsens, and possibly starts to affect you personally. We are here to help with professional business debt advice.
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Liquidations & Administration
While liquidation and administration are both formal insolvency procedures, they are in fact very different processes which ultimately look to achieve very different outcomes. In simple terms, liquidation brings about the end of a company by selling – or liquidating – its assets before dissolving it entirely. Administration on the other hand, is typically utilised when there is a chance of saving a business which is currently experiencing high levels of financial or operational distress. Let’s explore this further.
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Creditors Voluntary Arrangement
When a limited company is insolvent – meaning either its debts are greater than its assets, or it is unable to pay its bills and other outgoings as and when they fall due – directors need to make a decision whether the company has a realistically possibility of being turned around, or whether it should be placed into liquidation.
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Company Administration
When a company is experiencing financial distress, one option is to place it into liquidation and bring the business to an orderly conclusion. However, in some instances the company may be viable in spite of its current financial difficulties. If there is a realistic chance of being able to rescue the business, the company can be placed into administration, a process which ultimately looks to save a company through a process of financial and operational restructuring. Click below for further information and company administration advice.
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Company voluntary Liquidation
A Company Voluntary Liquidation is the age old insolvency process used to bring the activities of a company to a conclusion. We have extensive experience in its use as a traditional terminal process as well as using it as part of a creative business rescue and turnaround strategy. Most entrepreneurs use this straight forward process at some point to close a situation cost effectively.
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Email the UK Liquidators Team
Email our team to arrange a call back or to request further information on how we can help with business debt advice
60 Second Liquidation Test
Immediately find out whether liquidation could be appropriate for your company