Our family-run construction firm had enjoyed a good run since the 1980s but with margins squeezed tighter than ever before and a saturated marketplace, we began to struggle. We also had a key supplier that went bust leaving us with major problems. We decided we needed to liquidate as cash-flow was steadily decreasing and creditors were chasing. UKLiquidators handled the CVL and enabled us to write off our debts. I was surprised to learn I was also eligible for £14,500 in director redundancy.
I am the Managing Director of three separate companies within a subsidiary but one of these companies was dragging the other two down. I needed to work out the most tax-efficient way of closing the struggling company but due to the complex nature of our company structure, our accountant couldn't provide the advice we needed. Thankfully, UKLiquidators took control of the situation and we were delighted with the outcome. We were able to fund the liquidation through a significant director redundancy payment which both my wife and I received as we were the two managing directors.