Low-Cost Limited Company Insolvency Experts
Welcome to the Harrogate office of UK Liquidators, operated by a renowned team of licensed insolvency practitioners, company liquidation and restructuring specialists. We offer a free consultation to company directors across Harrogate to help determine the most efficient route through which to close a limited company.
If your company is in serious debt and cannot afford to make repayments, creditors may launch legal action against your company to recover funds owed. If you receive a winding up petition, your company may be placed into compulsory liquidation which is the most common company liquidation procedure.
To voluntarily close your limited company, you may enter a Creditors’ Voluntary Liquidation (CVL). A CVL is a formal insolvency procedure administered by a licensed insolvency practitioner and consists of raising funds to settle creditor debts. The company will subsequently be closed and removed from the Companies House register. As a company director, you must act in the best interests of creditors and seek professional support if you believe that your business is insolvent.
If you wish to voluntarily close a solvent limited company, enter a Members’ Voluntary Liquidation (MVL) under the guidance of a licensed insolvency practitioner. During the MVL process, all remaining profits will be extracted and cost-effectively distributed to shareholders. You may also be able to reduce your tax liability to 10% if you are eligible 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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