Low-Cost Limited Company Insolvency Experts
The Basildon office of UK Liquidators supports company directors looking to close their limited company. Our licensed insolvency practitioners are on hand to guide you throughout the company closure process, both insolvent and solvent.
If you can’t pay creditors as your business is insolvent, they may petition to wind up your company. If you receive a winding up petition, speak to one of our Basildon insolvency practitioners urgently. If you fail to act, your business could be forced to liquidate, also known as compulsory liquidation.
If your business is out of cash, voluntarily liquidate your business to put an end to creditor pressure and settle company debts. A Creditors’ Voluntary Liquidation (CVL) is a formal insolvency procedure for insolvent businesses and must be entered into under the direction of a licensed insolvency practitioner. During a CVL, the liquidator will set out to generate returns for creditors, after which your company will be closed.
Our liquidation specialists can also support company directors throughout a solvent liquidation in the form of a Members’ Voluntary Liquidation (MVL). An MVL is suitable for businesses with retained profits of £25,000 or more for it to be cost-effective. Distributions will be treated as capital, rather than income and therefore subject to capital gains tax, rather than income tax. You may be able to further lower your tax liability to 10% if you qualify for Business Asset Disposal Relief (Entrepreneurs Relief).
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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