Liquidation – What & Why 2023-04-27T09:07:31+01:00

Liquidation- What & Why

Why Liquidate?

Sometimes, you just have to clear the decks and the reason you have a Limited Liability company is in case of this needing to happen.  Putting a company into Liquidation is not a crime, provided you’ve acted in a proper manner in conducting your business.  We deal with liquidations because people have suffered large bad debts, got into arrears and difficulty with the Inland Revenue and the VAT, had a major disaster inside the business, such as a fire or a big theft, and many other various reasons.  There is nothing to stop you being a director of more than one limited company and nothing to stop you working in the same industry again.  You cannot just use the same company name, but there are ways to deal with that properly and we can show you how.

The Process

This is where we help you close your company down.  We have helped hundreds of directors over the years to sort out their company problems and move forward with a clear vision.  You instruct us to deal with all the formalities and with our experience of helping people over the years, we help you through what can be a difficult time for you and for your other directors.  We, on your instruction, deal with all the correspondence, convene a Meeting of Creditors and issuing reports, so that everyone is kept up to date in a timely and efficient manner.

The Alernatives

It pays to take proper advice, as not all companies that come to us need to go into Liquidation.  If your company has a viable future, and you can see that there is a good profit going forward, then maybe a Company Voluntary Arrangement is a better option.  We work with you to assess all the current issues and future opportunities, to make sure that you take the right path to get over your present problems.  Another alternative is Administration and this can even give you back your company to continue over a period of time once the creditor issues have been resolved.  Even if an Administration means a company has to close down, we can help you get the best return for everyone, if it is the appropriate solution for you.  Talk to us, we’re here to help you.

What are my Duties as a Director

When you realise you have financial problems, get help as quickly as you can.  Call us on a confidential, no-names basis, and we can arrange to meet you, to go through your alternatives and advise you what you should and shouldn’t do.  It may cause you more problems if you continue to trade without having any idea of how you’re going to get out of the difficult situation you’ve got yourself into.  The most important thing you can do is take advice.  Don’t delay, as it may make things more difficult for you down the line.

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