If you have made the decision to liquidate your limited company, you may be wondering what the process entails and whether closing a company is something which can be done online without the need to have any physical meetings or face-to-face contact. The simple answer to this is yes, however, first you must understand the various ways a company can be closed online and identify which process is right for your business.
When it comes to closing a company, there are a number of ways this can be achieved. The right option for you will largely depend on the financial position of the company at the time of its closure.
For those companies which are able to settle their debts and other outstanding liabilities, they can apply directly to Companies House online to have their company struck off the register of active companies; this process is also known as dissolving a business. This is a relatively quick and straightforward process, however, this closure method is only suitable for solvent companies.
So what happens if the company is insolvent and unable to fully repay creditors and clear its debts?
If a company is insolvent – meaning it has debts and creditors it is unable to repay in full – it will have to be placed into a formal liquidation process known as a Creditors’ Voluntary Liquidation (CVL). This can only be done under the guidance of a licensed insolvency practitioner, however, the good news is that the process can be started online and in the vast majority of cases you will not need to have a face-to-face meeting with your appointed insolvency practitioner.
You can start the liquidation of your insolvent company at any time using our online liquidation portal. The cloud-based portal gives you 24/7 access to your case from anywhere in the world, allowing you to submit documents remotely, sign the necessary paperwork, and keep up to date with the progress of your liquidation online.
Even if you choose to start your company’s liquidation online, rest assured your case will be handled by a member of our expert insolvency team who will never be more than just a phone call away – and if at any time you would like to set up a face-to-face meeting with your insolvency practitioner at your home, workplace, or one of our offices, then this can be arranged too.
You can kickstart the liquidation of your insolvent company immediately using our online portal. Simply fill in your details and a member of our team will review your information and advise you as to the next steps.
If it turns out liquidation is not right for your company, your licensed insolvency practitioner will be able to explain your available options and recommend the best course of action based on your individual circumstances.
Start your liquidation today, or call our expert team for immediate help and advice on your company closure or rescue options.
If you are considering liquidation for your limited company, taking advice from a licensed insolvency practitioner can help you understand your options.
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If you are considering liquidation for your company, taking expert advice at an early stage is crucial. At UK Liquidators, our team of licensed insolvency practitioners are committed to providing limited company directors with the help and advice they need to make an informed decision.
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