Retail Company Liquidation
There’s no doubt about it: retail has faced a huge challenge throughout the UK lockdowns. And things aren’t getting any easier. These issues have many business owners thinking they might need to opt for Retail Company Liquidation.
But you have other options.
We’ve been helping businesses in crisis for over 40 years. Even throughout the current challenges, we’ve been able to save 100s of businesses from total closure.
Here’s the issues we can help you with:
- Can’t pay back your Bounce Back Loan.
- Can’t pay your staff after furlough.
- Can’t pay your business’ bills.
- Restarting your business without debt.
- How to claim redundancy as a Company Director.
- Liquidating your company quickly & for a low fee.
What are your Retail Company Liquidation options?
If your company is insolvent, which means you have unaffordable debt and liabilities that outweigh your assets, Retail Company Liquidation might be one of the options you consider.
We can help you save your business, its assets and name using a Start Afresh Liquidation. During this process, we will close your company as normal and sell its assets. However, the assets will be sold to one or more of your Company Directors, so that you can restart the business under a new company. We can even help you keep the old company name.
If your aim is to close your business, we can also help. Using a Creditors’ Voluntary Liquidation (CVL), we can remove the pressure of dealing with insolvency by closing your company and managing the liquidation process for you. This includes handling all the paperwork and liaising with your creditors.
If your company is solvent (meaning you have no outstanding debts and your assets outweigh your liabilities) but you’d like to close it, due to retirement or because you’re moving on to a new business, we can use a Members’ Voluntary Liquidation (MVL) to quickly liquidate your assets and extract the funds from your company. In many cases, we can even pay-out as soon as the liquidation process begins.
How can liquidation.co.uk help you with Retail Company Liquidation?
As industry leading experts with 40 years’ experience, we’re in the best position to manage your Retail Company Liquidation smoothly and quickly, with no hassle to you. We can also match any like-for-like quote ensuring you receive the best service for the lowest price.
Retail Company Liquidation
What happens in the liquidation process?
The process of Retail Company Liquidation varies for MVLs and CVLs. But these are the commonalities:
- You must get approval of the liquidation from your shareholders. If you consult us beforehand, we can help you secure this.
- All shareholders and directors must agree on which licensed insolvency practitioner will act as liquidator.
- The liquidator takes control of the company and begins the liquidation.
- Your licensed insolvency practitioner will:
- Stop all trading by your company.
- Value and sell your company’s assets.
- Handle all communication with your creditors.
- Notify Companies House and The Gazette of your liquidation.
If your company is insolvent – and so using a CVL – the liquidator also has a duty to investigate why the insolvency happened. And you have a duty to comply with them.
Will Retail Company Liquidation affect my career?
Retail Company Liquidation shouldn’t affect your career in any way. As part of the liquidation process, your liquidator will have to investigate the reasons for the insolvency of your company. As long as you’re found to have acted legally and in the best interests of the company, you can walk away with no impact at all.
If you or another Company Director is found to have caused the insolvency through malpractice, misuse of funds or any illegal activity, the liquidator has a legal obligation to report the behaviour. The consequences are Director’s Disqualification (which means you cannot hold a directorship or position of authority in a company for a fixed amount of time), a fine and possibly even a prison sentence.
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