Dissolving a Company
Dissolving a company: What you need to know
Company dissolution is when a company is struck off Companies House which is the public register on which official company information is displayed.
The harsh reality is that very few businesses last forever and there may come a time when you need to consider dissolving your limited company. There are a whole host of reasons why you may be looking into this option; your business may have been successful but has now served its purpose, or maybe it never got off the ground at all and has been sitting dormant ever since.
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Company dissolution is when a company is struck off Companies House which is the public register on which official company information is displayed.
The harsh reality is that very few businesses last forever and there may come a time when you need to consider dissolving your limited company. There are a whole host of reasons why you may be looking into this option; your business may have been successful but has now served its purpose, or maybe it never got off the ground at all and has been sitting dormant ever since.
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Can My Company be Rescued?
When you seek assistance from a licensed insolvency practitioner, their first objective will be to rescue your business and return it to profitability. This can be effected in a number of ways, depending on your company’s individual circumstances and the level of debt owed.
You may have heard the terms ‘business rescue’ and ‘business recovery’ - the processes associated with these terms include sourcing new funding, restructuring a company’s affairs including assets and debts, and entering formal insolvency solutions such as a Company Voluntary Arrangement or company administration.
Once you have recognised that a problem exists and that the company is in danger of entering insolvency, you should seek assistance from a licensed insolvency practitioner (IP). They will be able to assess your situation, and guide you towards the best options.
You may have heard the terms ‘business rescue’ and ‘business recovery’ - the processes associated with these terms include sourcing new funding, restructuring a company’s affairs including assets and debts, and entering formal insolvency solutions such as a Company Voluntary Arrangement or company administration.
Once you have recognised that a problem exists and that the company is in danger of entering insolvency, you should seek assistance from a licensed insolvency practitioner (IP). They will be able to assess your situation, and guide you towards the best options.
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What Happens to Employees?
What happens to employees during liquidation and other insolvency processes?
When a company is insolvent, there are a number of formal procedures it can go through to help resolve the problems it is currently facing. Some of these procedures result in the closure of the company, others lead to the restructuring and streamlining of operations in order to allow the company a chance to recover and continue trading. The most commonly utilised processes are liquidation, administration, and the implementation of a Company Voluntary Arrangement (CVA).
In any formal insolvency procedure it is important to consider the rights of the insolvent company’s employees. This is especially true during liquidation, where the company is being wound up and existing employees being made redundant.
When a company is insolvent, there are a number of formal procedures it can go through to help resolve the problems it is currently facing. Some of these procedures result in the closure of the company, others lead to the restructuring and streamlining of operations in order to allow the company a chance to recover and continue trading. The most commonly utilised processes are liquidation, administration, and the implementation of a Company Voluntary Arrangement (CVA).
In any formal insolvency procedure it is important to consider the rights of the insolvent company’s employees. This is especially true during liquidation, where the company is being wound up and existing employees being made redundant.
Real Business Rescue
Head Office 340, Deansgate, Manchester, M3 4LY, United Kingdom
Real Business Rescue specialise in a wide variety of services including company debts, liquidation and closure, restructuring and rescue and specialist business advisory for a wide variety of industries and sectors throughout the UK. We cater for businesses and organisations that require assistance with their insolvency issues during COVID-19 and can offer expert advice across a broad range of professional services.