No Asset Liquidation
If you find your business is insolvent and unable to pay back its creditors, having to cover the liquidation fees is an added pressure that you could do without. As the name suggests, a No Asset Liquidation is specifically for companies in this situation, with few or no assets to liquidate.
To keep your costs as low as possible we can carry out a No Asset Liquidation on a fixed-fee, which we’ll confirm after we’ve spoken to you to get a better understanding of your situation.
What’s a No Asset Liquidation?
For a No Asset Liquidation we use a Creditors’ Voluntary Liquidation (CVL) to liquidate your company. For many of our clients, this way of liquidating a company voluntarily is much less stressful than being issued with a ‘winding-up petition’ by creditors – also known as a compulsory liquidation.
What happens in a No Asset Liquidation?
One of our licensed insolvency practitioners will act as the liquidator and take control of the company throughout the process, to make sure the right steps are taken at the right time.
These steps include gaining approval for the liquidation from all shareholders and sending official communications to Companies House and The Gazette. You can find detailed information of this process here.
Throughout your liquidation, we’ll organise any necessary meetings and paperwork, as well as liaise with creditors on your behalf. This can often be a much-needed buffer for our clients and makes the process smoother for everyone involved.
What happens after a No Asset Liquidation?
Once your liquidation is complete, you’re free to create a new company – without a cloud of debt hanging over you. This could be your chance to build a more successful business. We’re also experts in helping businesses restart after liquidation and can advise you on ‘what next?’.
Speak to one of our licensed insolvency practitioners to find out if a No Asset Liquidation could be the right solution for your company.