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Whether your business is solvent or insolvent, closing a limited company through a voluntary liquidation process can be fraught with stress and worry. At Simple Liquidation, we completely understand. So, firstly, we want to assure you that we will not only always be honest and transparent with you, we will guide you every step of the way.
Closing a limited company is a big decision and it’s important to work with an insolvency practitioner (IP), and their team, that you can trust and depend on. Our insolvency practitioners have a wealth of knowledge and more than 30 years’ experience handling liquidations for any size of solvent and insolvent business.
Being a member of the Association of Business Recovery Professionals (R3) and the Insolvency Practitioners Association, you can be confident in the knowledge that we have the capabilities of helping directors meet their obligations in every circumstance.
When it comes to closing a limited company, there is a specific process to follow according to the Insolvency Act 1986. Whether it’s a Members Voluntary Liquidation, a Creditors Voluntary Liquidation or a Compulsory Liquidation – i.e. a creditor has applied to the court to force your business into liquidation – our IPs are there to advise you at every stage of the process.
Once the decision has been made and at least 75% of the directors and shareholders are in agreement that liquidation is the best option, our IPs will explain how to close a limited company, the steps that have to be completed, such as meetings with creditors and the sale of company assets. They will also liaise with your employees and assist them in claiming redundancy, if applicable, as well as distribute the monies realised from the sale of any assets, or any in specie distribution.
Your Accounts & HMRC
They will explain the process of how to close a limited company that is solvent through a Members Voluntary Liquidation, working with you to ensure your accounts are up-to-date and a final statement is drawn up for HMRC. In addition, they can explain the tax implications as far as settling the company’s PAYE, NIC, VAT and Corporation Tax obligations, and make final payment to any creditors after the liquidation process has started.
Are knowledgeable about the potential benefits of closing a limited company that is solvent, such as Capital Gains Tax and Business Asset Disposal Relief, and can guide you through the maze that sometimes surrounds closing a solvent business.
We also work closely with helping insolvent businesses with Creditors Voluntary Liquidation, always remaining conscious of how much this can be a stressful time for the directors, shareholders and employees involved. Sensitive and understanding the situation at all times, we ensure that the matter is handled as carefully as possible, negotiating the best outcome for your creditors and you.
At Simple Liquidation, our teams know that closing a limited company which is insolvent, be it voluntary or compulsory, can be a difficult time. We take care to ensure that everyone understands the required process we legally have to follow, ready to answer any queries as best we can and if we don’t know the answer, we will make sure we find out so that we can help you at every stage.
Our skilled IPs are there to help you handle the meeting with shareholders to get the necessary agreement to close a limited company that is insolvent, meet and negotiate with your creditors sympathetically on your behalf, liaise with HMRC to handle the tax implications and the insolvent business’s tax obligations, as well as liaise with employees and help them through what is a stressful period.
The Final Stage
Of how to close a limited company, whether it is solvent or insolvent, is applying for it to be dissolved and struck off the Companies House register. Our IPs will complete the necessary application paperwork and liaise with Companies House to de-register your business. At the same time, we will explain the implications for you, as company owners and directors, when a business has closed and what you can and can’t do in the future in terms of being a director of a company.
At Simple Liquidation, we are always available to help and guide solvent and insolvent companies in a liquidation process to close a limited company. Whether you are in the early stages of considering an MVL or CVL and not sure if it’s the right option for you, or have made the decision to liquidate your business, or are in the stressful situation of being forced to liquidate your company by a creditor, call us today for the best advice and assistance from highly experienced, knowledgeable IPs that will hold your hand through every step of the process.
“How much will it cost me?”
We can give you an accurate on screen price in just a 2 minutes. The price will depend on your circumstances.
So, lets’ keep is simple, select MVL below if your company is able to pay its bills and select CVL if your company is unable to pay bills.