As the Director of a limited company, it is a relief to know that you are able to put your company into Voluntary Liquidation and make a fresh start, putting the past well and truly behind you.
Understanding the Liquidation Process makes things a lot easier
With the right Liquidator, support and advice, Voluntary Insolvency can be an ideal way to close a company that has just got too much debt to carry on effectively.
The Liquidation process offers a way out of the problem.
To you as a Director, you can:
- Start again with a clean slate
- Leave the mistakes of the old company with it
- Buy the assets of the old company to use in a new company
- Let unsecured debts died with the company
You may well feel that your business dreams are at an end. Yet it is much more likely to be just a blip in your life. Liquidation allows you to bring an Insolvent company to an end. It is really designed for you if:
- You have no realistic way to repay the company debts
- You would like to make a fresh start in order to turn your business around
- You’ve had enough!
How does it work?
The assets (if any) are sold in order to pay something back to the creditors of the company. Any outstanding debtors are called in again for the benefit of the creditors. Your creditors will receive a payment (a dividend) based on what they are owed, in a lot of cases this amounts to not a lot if anything at all.
How do you Liquidate you company?
Getting the ball rolling – there is a simple 3 step plan to get the ball rolling. If you want to Liquidate your company, you can find a guide here.
What happens after?
Your company is formally closed, the balance of debts written off, and the directors generally walk away. If you have any personal guarantees, they will come into force, most of the time they are ready to do a deal, all they want is their money back. This tends to be a whole lot better than dealing with the Official Receiver. If you want to go back into business there is usually nothing stopping you. Voluntary Liquidation doesn’t have to mean the end of your business dreams.
How can we help
Unlike other Liquidation Companies, our entire service is geared towards helping you as much as possible, without breaking the law .