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Liquidation Advice

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Company Liquidation Advice

Liquidation can be the most appropriate option – and indeed the only option – for a company which has found itself in financial difficulty with no likely chance of recovery, or where the company is no longer needed. Despite this, however, it is not a process to be entered into lightly.

If you are considering liquidating your limited company, either through a solvent process known as Members’ Voluntary Liquidation (MVL), or via a Creditors’ Voluntary Liquidation (CVL) for insolvent companies – it is vital you seek expert help and advice to ensure this is the best course of action for you and your business.

Help with liquidation

While liquidating the company will erase its outstanding debts, there can be further implications particularly if you have personally guaranteed any of the company’s borrowings. Any debts which have been secured by way of a personal guarantee will remain collectable and it is the director who will now be personally responsible for repaying this borrowing. We can advise whether this is likely to be the case and will be on hand to provide guidance on personal insolvency options should this be something you may need to consider following the liquidation of your company.

Liquidation support

Liquidation is an extremely complex process, made even more difficult if the company is insolvent – that is having outstanding debts to creditors which cannot be repaid. Placing your company into liquidation – whether it is solvent or insolvent – can only be done under the guidance of a licensed insolvency practitioner. Upon the appointment of a licensed insolvency practitioner, they will take control of the entire company liquidation process, from identifying company assets, liaising with creditors including HMRC, through to ensuring the company is formally dissolved and its name removed from the Companies House register.

Company Liquidation Advice

Liquidation alternatives

At Real Business Rescue, our licensed insolvency practitioners can also provide advice on the alternatives to company liquidation if these are appropriate. If your company is currently under financial distress, yet there is a solid and viable business at its core, you may be able to avoid liquidation and rescue your company by implementing an alternative insolvency procedure.

This could be by way of a Company Voluntary Arrangement (CVA) which would allow you to enter into negotiations with creditors to restructure your existing borrowings and lower your current monthly repayments. Depending on how much you can afford to contribute, some of the debt may be written off, with the rest being repaid through a series of affordable monthly repayments. Providing the CVA proposal is accepted by at least 75% (by value) of your creditors, the arrangement becomes legally binding on all parties.

For companies who need additional time and space to formulate a route forward, placing the company into administration could help to achieve this. Once a company enters administration, a moratorium is granted which protects the company from legal action from creditors and therefore providing the breathing space needed to assess the company’s options.

Free liquidation advice

Taking expert advice rather than relying on second-hand information from friends or acquaintances which may be outdated, incorrect, or simply not relevant to your company and its situation. At Real Business Rescue, our licensed insolvency practitioners will take the time to understand your company and the difficulties it is facing, allowing us to provide you with bespoke advice tailored to your company, its financial position, and its future viability.

To arrange a free no-obligation consultation to discuss the liquidation process in more detail, call our expert team today on 0800 644 6080.

Keith Tully

Partner

0800 644 6080
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