Covid-19 Support
If you are considering closing your limited company due to Covid-19, contact us today to discover how a company liquidation procedure could help.
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Get Started: 0800 063 9262

Business Support During Covid-19

Businesses up and down the country – and indeed across the world – are facing unparalleled challenges as COVID-19 coronavirus continues to hit the global economy and enforce restrictions on movement.

Increasingly strict social distancing regulations have led to many businesses being forced to close to halt the spread of the virus, while many more have had little alternative but to also temporarily cease trading as consumer demand plunges. With this sudden and unexpected drop in income, businesses of all sizes and across almost every industry, are left wondering where this leaves their company and questioning how long it can survive under the current circumstances.

jonathan-munnery

Jonathan Munnery
Insolvency Expert

0800 063 9262

 

Government help announced

The government has responded to this crisis by announcing an unprecedented set of measures designed to ease the immediate financial strain on businesses suffering a downturn in trade during this time. These include easier access to loans and other forms of emergency finance, the chance to enter into a Time to Pay arrangement with HMRC to lessen the burden of outstanding tax arrears, as well as protection for employees through the Coronavirus Job Retention Scheme.

While these initiatives will represent a welcome boost for many, allowing the company to obtain some short-term financial stability while the situation progresses, for others the measures will not go far enough to stem the losses being experienced. In particular for those who were already experiencing financial worries before the coronavirus disrupted business, this could be the final straw.
 

Business rescue options

There are ways of rescuing a business should it be deemed viable going forwards. Options such as administration or Company Voluntary Arrangements (CVAs) could provide some much-needed relief and business stability; however for those experiencing more acute financial problems, there may be no alternative but to bring the company to an orderly wind down in order to prevent the situation escalating further, leading to additional financial losses being suffered by the company and its creditors.

This is best achieved through a Creditors’ Voluntary Liquidation (CVL); the whole process is administered through a licensed insolvency practitioner who will take charge of the company, deal with its creditors, and ensure it is closed down in the most appropriate manner possible.
 

Expert help in the face of COVID-19 challenges

If COVID-19 challenges have pushed your business to breaking point and you would like to discuss the possibility of placing your limited company into liquidation, call the team at UK Liquidators where one of our expert advisers will be able to talk you through the liquidation procedure and arrange a no-obligation consultation for you with a fully licensed insolvency practitioner.

 

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Client Testimonials

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Brian
BrianConstruction , Gateshead
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. They also referred me to a company that would investigate my claim for director redundancy and I was surprised to learn I was eligible for £14,500 which was paid to me within several weeks.

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Paul
PaulRecruitment MD, Bristol
I am the MD of three separate companies within a subsidiary but one business 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 was unable to advise. Thankfully, UKLiquidators took control of the situation and we were delighted with the outcome. They also referred me to a specialist company for advice around director redundancy who confirmed that both myself and my co-director had eligible claims. If it wasn't for UKLiquidators, I wouldn't even have known about director redundancy and they pointed me in the right direction.

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