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Company Liquidation
We specialise in advising and helping small business owners in all aspects of company liquidation. If there is no option except liquidating your business we have fully qualified and accredited liquidators who can deal with the liquidation process. You’ll find that we are highly experienced, practical, empathetic and as we specialise in dealing with small and medium businesses, our fees are proportionate and affordable. Please do get in contact
Voluntary Liquidation
There are 2 types of voluntary liquidation: Members Voluntary Liquidation and Creditor Voluntary Liquidation. The key thing to understand is that an MVL is only possible if your company is solvent (it can pay it’s debts broadly speaking).
Creditors’ Voluntary Liquidation
It is routinely chosen by directors as a preferable alternative to being forced into a compulsory liquidation process via a winding up petition.
The Creditors’ Voluntary Liquidation process must be carried out by a licensed insolvency practitioner.
Once the insolvent company has been liquidated the debts are wiped out along with the limited company itself.
Members Voluntary Liquidation
If you do decide an MVL is appropriate for you, we can help. We are fully licensed Insolvency Practitioners and we specialise in cost effective, efficient and practical advice and services for businesses.
Compulsory Liquidation
The main reason most company directors seek to avoid compulsory liquidation is because the process requires one or more creditors to spend considerable money issuing a winding up petition, which can mean they are more hostile to company directors.
Compulsory liquidation often makes an already stressful time for directors worse with the worry that any liquidator chosen by creditors in a compulsory liquidation may look very carefully at every action taken by the directors in the lead up to insolvency.
If you are a company director, taking early action if your company may be insolvent can avoid compulsory liquidation and enable the often preferable option of voluntary liquidation.
Get in contact with our insolvency practitioners today to find out how we can help you potentially avoid compulsory liquidation our full guide to the meaning and process below, covering cost, implications and timeline.
Dissolving a Company
Unlike other methods of voluntarily closing a business, there will be no liquidation costs to incur and very little publicity. There will also be no investigation into your conduct as company director.
Dissolution is the right choice for companies with no assets or debts, and when the company has no further use.
It’s typically chosen by directors approaching retirement; where a company has never got off the ground, or where there is a dispute between directors.
Alternatively, if it is seen that the company business model is not going to bring success in the future, it is sometimes decided to simply dissolve it and move on.
Of course this doesn’t mean anyone can simply dissolve a company: there are strict rules about when the process is appropriate.
Insolvency Practitioners
As with all professional services, not all Insolvency Practitioners are the same. It’s always important to check the level of experience of any IP you decide to instruct and their experience with businesses of your type and size.
Professional services are never cheap and price should not be your primary consideration, but costs are a relevant factor and some insolvency practitioners tend to specialise in big company insolvency whereas others work with smaller companies. Personal relationships, trust and empathy are always vital as well.
Whilst most of the work of an Insolvency Practitioner is when he or she is instructed as liquidator, administrator or receiver and the role is independent of directors and the IP must act independently and in accordance with duties, an IP can alternatively be instructed to represent the interests of directors or others who need to protect their legal interests in dealing with the IP instructed on the liquidation, administration or receivership.
Our Insolvency Practitioners are all highly experienced and fully licensed. We are generally instructed and specialise in working with smaller businesses and company directors. Please do contact us to find out about us and decide whether we are the right choice for you.
Time to Pay Arrangements
In many cases, this isn’t correct. HMRC are generally open to a payment plan solution which means tax ultimately gets paid and are keen for as many small and medium sized businesses to survive as possible. The key to negotiating a time to pay arrangement plan with HMRC is good communication with them, providing good information, being consistent and transparent and also often having experienced negotiators help you who know how HMRC operate.
We are highly experienced in helping small businesses with Time to Pay Arrangements and because we specialise in working with small businesses, our process is streamlined and our charges affordable. Please do get in contact to find out how we can help you.
Company Voluntary Arrangement
In recent years, the CVA has become a popular process, especially in the retail and leisure sectors, where it facilitates the restructure of leases.
If you think a CVA could be right for your company, please do get in contact with us. We provide expert advice and services and specialise in helping small business clients. Our fees are competitive.
Pre Pack Administration
The possibility to proceed with a pre-pack administration does not apply in many insolvency situations. Where possible, the process is complex and a lot of planning is required so it is essential to have good, experienced advice. Even where a pre-pack is a possibility, there are inherent risks for insolvent company directors, so documenting the process from an early stage is very important.
Our Insolvency Practitioners are very experienced in all forms of company insolvency including pre-pack administrations. We specailise in advising sme clients and our costs are proportionate, so please do get in contact for an initial, free discussion either by email or phone.
Read our full guide to this useful insolvency tool, including process and procedures.
Company Administration
We are highly experienced in advising small business clients on whether going into administration is the best option. There are advantages and disadvantages and each business has a different situation. You can rely on our experience, so please do get in contact.
Winding-Up Petitions
Winding Up Petition Advice
If you have been threatened with a Winding Up Petition and need advice and help please do get in contact. It may be possible to convince the creditor not to proceed. We have experienced business rescue specialists who advise small businesses in very difficult financial situations including where a Winding Up Petition is threatened by a creditor. The most common situation where a Winding Up Petition is served is where debts are owed to HMRC..
Additionally, another part of our team are Insolvency Practitioners, so we know how situations which may lead to Winding Up are generally approached both by debtors and creditors.
Can’t Pay VAT
If you and your company are having HMRC VAT problems it is likely to be the symptom of a significant business issue.
For directors of a limited company, not being able to make a VAT payment is a possible indicator that the company is insolvent and you should seek immediate advice.
Continuing to trade whilst insolvent can make the director personally liable for company debts.
Can’t Pay Corporation Tax
Problems paying corporation tax usually indicate that there has been a significant downturn in your business or you have a significant cashflow problem. Allowing things to get worse or to potentially continue trading if your business is insolvent carries significant risks, sometimes even personal liability risks.
We offer an experienced, confidential, free assessment for directors like you. Please do get in contact.
Can’t Pay PAYE
When you speak with HMRC about having problems paying PAYE, the level of faith they have in your company will largely be dictated by your tax history. If this is the first time that you’re having trouble paying PAYE, HMRC will react differently than if they were dealing with a company that has missed payments repeatedly.
We explain how to deal with PAYE arrears, the potential penalties, consequences, as well as the solutions we offer.
About us
With over 10 years’ experience in providing company turnaround and rescue practices, Company Debt Ltd cater for a number of businesses across the globe, whether they are small, medium or large.
Our company are established innovators in the provision of online insolvency services, offering support and advice wherever possible to ensure that our clients receive tailored solutions for their specific circumstances.
We work closely with each individual client and address their cases delicately and professionally, therefore helping any business in distress. Our solutions are cost effective and guaranteed to last, offering a unique and innovative outlook on the situation at hand. No matter how challenging your situation may be, we as a company strive to ensure a significant decrease in negative stress that is associated with the difficulties they may be facing.
