Liquidation or Creditors Voluntary Liquidation
“Our company has no future; we are worried that will be personally liable for debts. What is the quickest cheapest solution”
The fastest way to end the company is to stop trading and place the company into liquidation.
It is most commonly called creditors voluntary liquidation. KSA Group can help you to end the worry and get the liquidation of a limited company completed promptly and professionally.
What are the benefits for you:
- Quickly stop building up more debts
- professionals experts handle everything for you.
- Stop creditors contacting you, they talk to us instead!
- Stop debts getting worse and reduce your personal risk
- Allows you to get rid of property leases, employees and contracts
- Stops HMRC chasing for debts
- Call us today and you could be free of this pressure in under 3 weeks
- you can trade as a director again in another company
- Low cost, from £3,500 if only tax debts
So, if you have had enough and don’t want to start again, then the best bet is to quickly get the liquidation process started, see the detailed guides below and then please call us to get friendly but expert advice. We can end the worry and the pressure with one phone call 0800 9700539.
If you want to read further about liquidation in the UK then you can visit our dedicated liquidation site.
We could help you start the liquidation process today, please call on 0800 970 0539 in office hours 8.30am till 5.00pm. Or call Wayne Harrison (IP) direct on 07879 55535 or Eric Walls (IP) direct on 0778 727 8527 or email email@example.com . If your enquiry is out of hours you can call our mobile on 07833 240747
As in all things there are some downsides to liquidation they are as follows;
- Any money you owe the company will be pursued by the liquidator
- Likewise any overdrawn directors current account will be collected – but you will be able to do a deal on this
- Liquidator must review the conduct of the directors in the last two years; Did they benefit from the failure? Was there any wrongful trading? Was there any preference – making a creditor better off than others? Is there any recovery he can make?
- Then all liquidators must report the directors conduct to the Government (DeBIS)
- If you have acted badly you may be disqualified (rare)
- You cannot re-use the company name easily
- “Are there any alternatives, what if I have a buyer for the business (not the company) ? What if I want to buy the assets”?
We can help you arrange a sale of the assets called a business asset sale, but there are very strict rules and valuations must be obtained.
What does a liquidator do?
KSA Group will perform 5 tasks when appointed by the creditors at a formal creditors’ meeting.
- Call a meeting of creditors, prepare a statement of affairs and arrange the meeting by circulating legal notices to the creditors and the London Gazette
- Collect all books and records. Collect in all assets.
- Investigate the conduct of the directors and other officers as required by statute.
- Agree claims of the creditors, over time.
- Make any distributions to creditors if sufficient assets are collected.