Liquidating Solvent Company

We’d be delighted to answer any questions that you might have about Liquidation for a solvent company.

Like a run through of the process and a quote?

When will you get your money or assets; we’ll gladly explain?
It just might be sooner that you’d expect.

We look forward to assisting you.

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What is a Solvent Company Liquidation?

Important Learning:

Though a company is solvent the procedure for a solvent liquidation is set out in insolvency legislation

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Why Would A Solvent Company Liquidation Be Needed?

  • One of the main drivers for a decision to use a solvent liquidation process is often tax
  • Whether the company is a vehicle for a contractor to provide their services or part of a complex group structure tax will need to be considered
  • Both the position of tax payable by the company and shareholders will need to be considered
  • Entrepreneurs’ relief is a personal tax relief that is of particular relevance to a solvent liquidation
  • If the business that operates within a company is to no longer able or required to continue within that company
  • This could be because (for example):
    • The business has been sold to another company
    • A contractor (IT or oil and gas for example) that operated within a company is taking a full time role as an employee and no longer needs a limited company
    • As part of the restructuring of a group company structure

Important Learning:

We’ve been undertaking solvent liquidations for over 40 years for a range of customers including contractors and large groups of companies

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When Would A Company Liquidation Be Needed?

  • If the business that operates within a company is to no longer able or required to continue within that company
  • This could be because (for example):
    • The business has been sold to another company
    • A contractor (IT or oil and gas for example) that operated within a company is taking a full time role as an employee and no longer needs a limited company
    • As part of the restructuring of a group company structure

Important Learning:

We are very experienced in working alongside your company accountant or tax advisor to both plan and co-ordinate a solvent liquidation. We’re keen to stress that we don’t offer tax advice.

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Types of Solvent Company Liquidation

Important Learning:

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How is a Solvent Company Liquidated?

  • You may have noted the “Voluntary” word used in the Types of liquidation above
  • Voluntary means that the company directors and shareholders start the liquidation process at a time to suit them
  • An Insolvency Practitioner acts as the liquidator of the company
  • The liquidator is responsible for distributing the company assets to the company shareholders
  • A meeting of directors takes place
  • A declaration of solvency is sworn by the company directors
  • A declaration of solvency is a record of what that company owns and owes
  •  A meeting of shareholders will take place (this could be called on short notice)
  • The liquidator is appointed
  • The company assets are distributed to shareholders

 

Important Learning:

We will prepare all of the paperwork including the correct minutes and resolutions.

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Who Can Act as a Company Liquidator?

  • A Members’ Voluntary Liquidation can only have Licensed Insolvency Practitioners as liquidators
  • We usually have two of our insolvency practitioners appointed on any company to avoid any risk that anything is slowed down by illness or absence of one of our practitioners

Important Learning:

Though the role of a liquidator is restricted to those who are qualified and licensed, this restriction does not apply to those giving advice about insolvency, liquidation and rescue. Naturally we would recommend taking advice from someone that will act as the liquidator of your company and is therefore licensed

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How Much Will a Company Liquidation Cost & Who Pays?

  • We wouldn’t want to mislead you with eye catching headlines that turn out to be eye watering. We’d rather be upfront about costs; in fact you’ll be pleased with our prices and in the vast majority of cases we are able to work on a fixed fee basis
  • We will quote you on your actual situation and will be glad to offer you a price, that you can take or leave as you wish
  • We would ask for a quick conversation with you to learn more about your company and then we will be more than happy to provide a cost for a Members’ Voluntary Liquidation
  • A company will usually pay for its own liquidation from its assets (cash, money owed to it, physical assets etc.)
  • Solvent liquidations at liquidation.co.uk start from £3,000
  • Click to learn more; Company Liquidation Costs

Important Learning:

Look out for unlicensed advisors who will add their costs on to the fees of any liquidator and push the overall cost upwards

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Any questions at all please get in touch; we’d be delighted to help?

 

A few useful bits of terminology for this page:

  • Limited Company: this refers to company registered at the UK Companies House; this includes Limited Liability Partnerships
  • Insolvency Practitioner: An individual Licensed in the UK to be appointed as a company liquidator
  • Official Receiver: An individual employed by the government’s Insolvency Service who can be appointed as Compulsory Company Liquidator in England and Wales (this is further explained later)
  • Business: A combination of skills and assets that work together with a goal of making profit

 

A Bit About Us?

As you would expect, we’re experienced, licensed and commercial company liquidation experts

We’re here to make your life as simple as possible; we’ll take over any difficulties immediately

Start your company liquidation today and protect your personal assets

We can come to you for a meeting

Company debts will be written off unless a guarantee or personal security has been given

What you might be surprised to learn is the number of directors that we are able to help to find an alternative solution for their company

You’ll be delighted to hear that our costs are only one of the reasons that many of our clients use our services

You may also understand that the correct advice at the outset will save money and protect your personal finances

 

Our Support Will Help

    • We would like to offer you a Free Options Review with one of our Licensed Insolvency Practitioners
    • We, that’s Martin, Carolynn and Richard, would be glad to explain your options to you; no jargon and no obligation
    • Simply call or leave your details and we’ll contact you
    • We do understand that this may be the first time that you’ve had to consider such a conversation
    • There’s no cost to speak to us and if you do need a formal process are costs will be a pleasant surprise
    • We are here to guide, inform and support you
    • Our advice will be geared to your company‘s own position
    • With our help you’ll be able to make an informed decision on the best solution
    • We’ve a team of 20 in total and have been established for 40 years

 

What Do We Need From You?

  • A little bit of your time please
  • Some background about your company
  • What would you like our immediate help with?
  • Is there a business within your company that you would like to save and continue with?

 

Don’t like nasty surprises?

Neither do we.

We’ll be honest and open with you which will mean no surprises for you as we undertake our legal requirements as liquidators.

We do ideally need to speak to you to advise you properly and often we will meet as well, if that is what you would prefer.

 

Why speak to us?

  • Liquidation.co.uk is owned and operated by F A Simms & Partners one of the most reputable and long established independent licensed insolvency practices.
  • We’re bricks and mortar and have a team of 20 ready to assist.
  • 2018 is our 40th year in business having advised and helped 1,000’s of businesses over that time.
  • Our administration centre is in Lutterworth in Leicestershire which means our costs are kept at a manageable level.  From this base we cover the UK.
  • Our directors are experienced, practical and commercial insolvency practitioners who also own our business.
  • We are not and don’t use brokers or consultants so there’s not need to pay twice to reach a licensed insolvency practitioner.
  • We’re actually very normal, approachable people who happen to work in the insolvency and rescue sector, we work hard and take pride in what we do!
  • Our reputation with our customers, partners and across the UK is the result of hard work and we will not damage that through poor advice.

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If you are thinking about having to liquidate a company, you will be faced with a mass of information from websites seeking to convince you to speak to them.

It’s not just the information that is freely available on the web that you will need to understand before deciding whether to liquidate and who to call on for help to liquidate.

If you do not fully understand both the process and the risks of liquidation you could be taking on a host of new problems that you weren’t aware of.

Whether your company cannot pay those that it owes money to or has assets or cash to distribute to its owners, we can help.

Why not get in touch and speak to one of our licensed insolvency practitioners who are also our company directors.  We can offer practical advice to help you make the best decision for your unique circumstances.

It’s free for a consultation and our advice is confidential.

Would you like to do some more research?

Options for your company – please click here to understand more.