Basildon Company Insolvency Help
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.
Worried about your Bounce Back Loan?
If you are a limited company director worried about how you are going to repay your Bounce Back Loan, we are here to help. As licensed insolvency practitioners we can talk you through your options when it comes to repaying your outstanding Bounce Back Loan, as well as handling all negotiations with creditors on your behalf. Call our team today on 0800 063 9262 .
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).
Contact the Basildon office of UK Liquidators for confidential advice on how to close your company and to arrange a free consultation. We also have nearby offices in Southend, Medway and Dartford.
