How To Liquidate A Business
Liquidate your business by the overall cheapest and most tax efficient way.
You may qualify for Redundancy Payments, which can cover costs and leave money over for you.
Find The Cheapest Way To Close My Company
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Whether you have chosen to close your business and wind-up its affairs or you have creditors threatening to take action against it, we can provide guidance and reassurance on the best way forward.
Advantages Of Voluntary Liquidation
Keep more control - close your company on your terms
Gives directors a clean break
Allows you to close a potentially insolvent company with no further liability (unless debts have been personally guaranteed).
Quick and cost effective
Can be funded using company assets such as cash at bank, sale of assets, book debts etc.
Your duties as a director
It shows creditors you have done the right thing by taking professional advice and can steer you away from the implications of wrongful trading.
Claim redundancy payments
Employees and potentially directors can make a claim from the National Insurance Fund and receive payments for outstanding wages, holiday pay, pay in lieu of notice and redundancy.
3 Ways To Close Your Company
It is usually better to close your business voluntarily before being forced to do so by creditors.
Dissolution
If your company is solvent with assets of less than £25,000 then Company Dissolution is usually suitable and typically costs a few hundreds pounds.
Members Voluntary Liquidation (MVL)
Is your company is solvent with assets over £25,000? Then a MVL is probably best. The MVL can provide entrepreneur’s relief which means it can be more tax efficient than a Dissolution.
Creditors Voluntary Liquidation (CVL)
If your company has debts and is not viable then a CVL is likely to be the best way to close it down. During liquidation the company’s assets are sold and used to pay off creditors.