Apply to liquidate your company, whether you have
debts or not from only £40*
Once you have put your company into liquidation it is a chance to start again.
Remember that a failure of a limited company does not mean that you are a failure.
As long as you have not done anything fraudulent, or have wilfully neglected or made the creditors situation worse you do not have much to worry about.
In a liquidation your staff (and this could include you if you are a legitimate employee) will be paid redundancy by the government.
We will meet with you for no charge and will explain your options and we will set out all our fees in writing. All we need from you is as much financial information that you can put together so we can assess the situation.
As soon as you appoint us you no longer need to talk to your creditors! We will take all of the pressure off. We will write to them and inform them that the company is to go into liquidation and ask them to send a proof of debt.
There are various forms and notices that we will need to send to HMRC, Creditors, Companies House, The Insolvency Service, Department for Business, Energy and Industrial Strategy and any regulators that you may be covered by.
The directors then ask a licensed insolvency practitioner to seek a decision from the creditors and the shareholders as soon as possible (within 14-21 days) to put the company into liquidation with the liquidator appointed by the creditors.
If your company has stock, owns a van, kitchen equipment, company car, furniture or computers then we can dispose of these assets and use the proceeds to pay creditors and our fees.
If the company is owed any money then we will do everything we can to get the money back. As liquidators we are officers of the court and can bring pressure to bear on those who owe
Can I liquidate my own company?
The simple answer is no. Only a Licensed Insolvency Practitioner can liquidate your company. The liquidator has to assess the liabilities and fairly distribute any surplus monies after assets have been sold and/or money collected. The liquidator also has a duty to investigate the actions of the directors leading up to the insolvency to check if there has been wrongdoing. On the whole liquidation is highly regulated and there are no short cuts.
Can a Liquidation Be Done Cheaply?
What do we do as directors?
Once the company is “in liquidation” the directors have to provide all of the company’s books and records to the liquidator. After this there is a creditors’ meeting which a director must attend. After that, very little else usually.
Can I start another company with the same name?
Be VERY careful on this one. You must not trade with a similar name as the previously liquidated company without careful legal advice or leave of the court. Breaching s216 Insolvency Act 1986 is a possible criminal offence. We can guide you through this possible minefield.
Can I become a director of another company if my company is liquidated?
Yes! Don’t worry, you can be a director of another company (remember s216 above). But always act properly, don’t take chances and think you are a smarter than the law. You aren’t, lots of people think they are and end up in personal financial trouble. Call us now, ask all the questions you want for free. Call now for advice on 0845 519 4930.