Winding up a company
Winding up a company – also known as liquidating a company – simply means the formal closing of your limited company. You must involve a licensed insolvency practitioner, who will act as the liquidator. They will take care of every legal requirement.
How we wind up your company will vary depending on your situation and aspirations for your business’ future. There are different tools available for limited companies, and sole traders or partnerships. The financial status of your company will also make a difference. There are different options for insolvent and solvent companies.
The first step of winding up a limited company is to get a complete picture of your business as it stands now. This will give us the understanding we need to advise you on the best way forward.
How to wind up an insolvent company?
If your limited company is facing financial difficulties and you’re thinking about closing it, there’s a number of ways we can do this.
The most common is a Creditors’ Voluntary Liquidation (CVL), which we can use to make winding up your company smooth and simple. If you’re planning to restart your business, our Start AFresh Liquidation will make sure it’s done legally and without repercussions.
For sole traders, partnerships or limited companies with few assets to liquidate, we offer a No Asset Liquidation that’s economically priced and ties up all loose ends so that you’ll have no outstanding payments to make after the liquidation.
How to wind up a solvent company?
There’s lots of reasons for winding up a profitable company. You might be retiring, taking full-time employment elsewhere, or own a company that’s served its purpose and is now lying dormant.
In all these situations and others, a Members’ Voluntary Liquidation (MVL) could be the way to get the maximum amount of cash out of your business – and gain from tax breaks too.
Speak to one of our licensed insolvency practitioners to find out which one of our services is best for closing your company.