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Many companies trading in the UK at present may find themselves in an insolvent position, or suffer from short term cash-flow difficulties. It is always important to take prompt action if a limited company does not have the ability to continue trading.
Closing a limited company is likely to be the most suitable option if a company has debts it cannot afford to repay and there is no longer a viable business to be saved.
Closing a limited company with debt is officially called Creditors Voluntary Liquidation (CVL). CVL is also known as ‘insolvent liquidation’ and is the form of liquidation that is most commonly used in the UK.
To start the CVL process, the company directors appoint an Insolvency Practitioner who will liquidate all the assets, and then distribute funds back to the creditors. All outstanding debts after the repayment are written off and the company is dissolved at Companies House. This doesn’t include debts personally guaranteed but our business debt advisors can provide specialist advice on this too.
Directors could also be entitled to a redundancy claim of up to £15,750 from the Redundancy Payments Office. If you are unsure how to close your limited company, then we would urge you to seek advice from our business debt experts. To find the best solution for you, try our quick questionnaire.
All business debt solutions should be carefully considered.
Call our experienced team for business advice now on 0333 9999 636.
The suitable alternatives to CVL will depend on how much (if any) of the business can be rescued.
We are a dedicated team of insolvency specialists, who can help you to resolve any financial difficulty your business may face. Our team has provided help to businesses operating across all sectors, and has a wealth of experience which makes us best placed to help a struggling company.
At The Business Debt Advisor, we will consider all of the options available to your business, and work closely with you to ensure that the best outcome is achieved, in the most cost-effective way.
This ensures that you are provided with complete advice which enables you to make clear decisions. Our team is proud to have helped many businesses rebuild and work hard to make the process as fast, simple and stress free as possible.
Our specialist team has over 40 years combined experience of helping distressed businesses. We are fully authorised and regulated by the Insolvency Practitioners Association (IPA) and Financial Conduct Authority (FCA) which means we are truly able to provide our clients with complete advice. Our caring approach is what sets us apart from the rest.
For a free consultation call us on 0333 9999 636 or request a callback. Registered company number 06248441. Authorised and regulated by the Financial Conduct Authority (659920).
If you've read through our section and feel like you would like some further information, please call us on our 0333 9999 636 and one of our advisors will give you the right help and advice based on your individual circumstance.
