Close Menu
No.1 in UK for Limited Company Liquidations
UK Liquidators

What can director redundancy pay be spent on?

Low-Cost Liquidation
100% Confidential
Stop HMRC & Creditor Pressure
Partner-led Service

Spending Director Redundancy Pay


Written by Jonathan Munnery

At a time when money is likely to be tight, a redundancy payment could be a much-needed lifeline. There are no restrictions on what director redundancy can be used for; it is your money to do as you wish.

For some, they choose to use the money to start up a new business venture, others put the money towards basic living costs while they source alternative employment. As putting a company into a voluntary liquidation process costs money, some directors find the redundancy payment useful for recouping these costs. Essentially, once the redundancy pay-out is in your bank account, it is yours to spend in the best way you see fit for your situation.

Although nobody goes into business expecting their company to fail, UK Liquidators were supportive and helpful through the whole liquidation process, and I would have no hesitation recommending them to others in the same position.
Paul Winter
|
Director
Common Liquidation Questions
What is director redundancy?

Director redundancy is similar to staff redundancy in that it provides a financial lifeline to individuals who have lost their job through no fault of their own.

Do I qualify for director redundancy?

In order to qualify for director redundancy, you must meet a set criteria.

How much redundancy could I claim?

The amount of redundancy you will be entitled to will be based on a variety of factors including your age, length of service, and the salary you paid yourself through the company.

You’re in safe hands with UK Liquidators

At UK Liquidators, our service is fully partner-led and your case will always be overseen by a fully licensed insolvency practitioner.

Meet The Team
Jonathan Munnery
Partner
Marco Piacquadio
Partner
Matthew Cluer
Director
Carolynn Best
Partner
Is liquidation the right option for you?

Take our 60 second test and find out

Company health risk assessment
Types of liquidation available
Alternatives to liquidation
Understand your next steps
60 Second Liquidation Test
Ready to Liquidate?
Express Liquidation Service
Ready to start liquidating today? Complete the form and a member of our team will be in touch.
Please note: By completing this form you are not liquidating your company
Contact the UK Liquidators Team

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.

  • Free initial consultation
  • Strictly confidential
  • Fully licensed insolvency practitioners
  • Local office support
  • Named case handler throughout

Looking for immediate support?

Complete the below to get in touch

 
 
 
 
 
100% Free & Confidential Advice