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Close My IT Company

Rescue, Recovery, and Closure Options for IT Companies

If you are considering closing your information technology company, putting your business into liquidation is typically the final step for insolvent companies. During this process, it is vital to seek an appropriate liquidation route in order to maximise returns to creditors and protect your position as the director of an insolvent limited company. 

The success of IT businesses is instrumental to the lives of individuals and businesses alike, as we are collectively dependent on communicating through innovative technology. The IT sector is a global industry, recognised as one of the fastest-growing commercial sectors, currently employing over one million individuals. 

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Close your IT company via liquidation

If you are considering closing your IT company as you can no longer afford to keep the doors open due to mounting liabilities, accumulating debts and pressure from creditors, company liquidation can help settle your financial affairs and being your IT company to an orderly conclusion. A Creditors’ Voluntary Liquidation is a director-initiated formal insolvency procedure resulting in the closure of your IT business.

A CVL can be entered into following advice from a licensed insolvency practitioner, leading to creditors to be notified of your intention to liquidate the business and presented with the Statement of Affairs. This document summarises the financial position of your business, including asset value and liabilities.

A minimum of 75% of shareholders should agree to wind up your company in order to enter the liquidation process; if you are a sole director, however, it is only your consent which will be required. Company assets will then be realised and funds distributed to creditors by the appointed insolvency practitioner in a priority order as set out by the Insolvency Act 1986. Your company will then be struck off the Companies House register, and it will no longer exist as a legal entity.

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Rescue my IT business

Our licensed insolvency practitioners can quickly ascertain whether your IT business can be rescued through a restructuring strategy, such as a Company Voluntary Arrangement (CVA), Fast Track CVA or Company Administration. A CVA is a formal insolvency procedure administered by a licensed insolvency practitioner to restructure your creditor liabilities into affordable repayments. This can help lighten the load, freeing up cash to effectively maintain company operations.

In order for a Company Voluntary Arrangement to implemented, a minimum of 75% of creditors (by value) must agree to the proposal. Consent is likely to be granted only if you can demonstrate the viability of your company and its ability to keep up with the proposed repayments set out by the CVA for the duration of the agreement. By centralising your creditor liabilities into one monthly payment, you can keep better track of your finances and forecast company cash flow. If your business is on the firing line of creditor pressure and legal action, entering into a CVA can protect your business.  

If your business has asset value, Company Administration can help rescue your business by realising assets and using the returns to pay off creditors. This can help ease cash flow pressure and maintain long-term financial health based on your existing commitments and ability to repay. During the administration process, your business will be protected against legal action from creditors.

If your business requires an emergency cash injection to enable business growth, accessing commercial finance can help your business flourish without restrictions to company cash flow. There are numerous forms of commercial finance which can help you seize opportunities, meet consumer demand and fulfil large volume orders. Sourcing capital appropriate to your IT business can help promote sustainability and ease long-term development.

If your business is caught out by long waiting times for invoice payments between contracts, causing acute cash flow worries, this gap can be bridged by invoice finance. Taking out an invoice factoring or discounting facility can help you unlock funds tied up in invoices for services fulfilled before clients settle your invoice. By accessing these funds in advance, you can make up for time which would otherwise be lost waiting for payments to drop in.

If you require new equipment, machinery or vehicles to fulfil growing demand or to expand your service offering, a type of asset finance, such as hire purchase, can help you access the equipment you need in an affordable manner. Asset finance can give you immediate access to equipment which would otherwise take years to purchase, supercharging the growth potential of your business. There are several finance options which we can provide access to through a number of trusted and competitive sources. Contact a member of the Real Business Rescue team to determine the best route to rescue or refinance your IT business.

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