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During your initial consultation, we will take you through some questions about the company's financial situation and give you advice on what approach is right for your company.
If the business has no future, liquidation is likely to be the right option, but if you want to continue to trade but need help dealing with creditor pressure or legal action other options might be appropriate. These would include a Company Voluntary Arrangement ('CVA') or Administration. We can also advise you on these.
If you decide liquidation is the right option, we'll prepare the documents for you to convene shareholders' and creditors' meetings. These can be held within a few days, but normally they happen two to three weeks after the decision to liquidate is taken.
We will prepare all the paperwork and send it out for you, but we will need you to provide us with some financial information to present to creditors. From then on all creditors can be instructed to contact us rather than you.
The company is formally placed into liquidation at the shareholders' meeting. For small companies whose directors and shareholders are the same, this is a paper exercise.
The creditors' meeting usually happens immediately after the shareholders' meeting. It's almost always done by conference call or video conference, so there's no need for the directors to be in the same room as creditors. In many cases no creditors join the call and the meeting is a formality. If any creditors do dial in, we talk them through the information provided to them prior to the meeting and they have the opportunity to ask questions.
Our role as liquidator is to collect any money due to the company and sell its assets.
The costs of the liquidation are paid from the cash collected and the remainder is shared equally amongst creditors according to how much they are owed. A liquidator also has to investigate how the company was run before the liquidation and report any findings to the Insolvency Service.
As part of the process we can also help employees make claims to the government for redundancy and other monies owed.
A company with minimal or no assets can still be liquidated, but we may have to request a payment from the director to cover the costs of the work.
When the company is in liquidation your future involvement is minimal. You will have to complete a standard questionnaire about how the company was run and we may need your help with queries about certain assets or liabilities so that we can conclude the process as efficiently as possible.
Unless you have personally guaranteed any of the company's debts or committed serious offences in your role as a director you should have no personal liability.
A liquidation will usually finish within six to twelve months and afterwards the company is dissolved.
If a company can't afford to pay its debts or its directors want to wind it down in a controlled way a Liquidation is often the solution. It is the most common type of procedure for insolvent companies.
In a Liquidation a company's assets are collected, sold and turned into cash. This is then paid back to creditors. After the assets are sold and the proceeds distributed the company ceases to exist.
If your company is struggling and you're feeling stressed, talk to us about how we can help. A Liquidation may be the right solution for you if your company is facing creditor pressure or cash flow difficulties – if it isn't we'll talk to you about the other options you could think about.
A Creditors Voluntary Liquidation (CVL) is by far the most common type of procedure for insolvent companies. There are approximately 10,000 CVLs each year across the United Kingdom.
A CVL is initiated by a company's directors, giving them more control over the timing of the process than in a Compulsory Liquidation, where a creditor forces a company into liquidation through the courts.
Because a CVL is a voluntary procedure begun by the directors it can be helpful in demonstrating that the directors have been pro-active in dealing with the situation and they have been careful to fulfil their legal duties to creditors.
James has worked for UK Liquidations since 2002. He is an expert insolvency practitioner and has been helping business owners for over twenty years. He has worked all around the UK and has helped directors in many different industries to protect their assets and reputations. James's experience means that he can guide you through every step of the liquidation process.
Peter is an insolvency expert with almost thirty years’ experience in helping businesses resolve their financial problems. He has worked with businesses of all types and sizes and understands the sensitive approach that is needed when discussing your liquidation and insolvency options.
Oliver has been providing insolvency advice since the late 1990s and has expertise across all business sectors and sizes of business. He is sympathetic to the concerns of directors who are considering a liquidation procedure and provides clear and straightforward advice in stressful situations.