Low-Cost Limited Company Insolvency Experts
The Rochdale office of UK Liquidators is part of our wider support network for company directors looking to explore company liquidation options. Our licensed insolvency practitioners are on hand to advise on both solvent and insolvent liquidation procedures and offer a free consultation to businesses across Rochdale.
The most common company liquidation route is compulsory liquidation. A creditor may petition to wind up your company as a final attempt to recover funds owed. If you receive a winding up petition, seek urgent advice from an insolvency specialist or your company could be forced into liquidation.
As a company director, it is your responsibility to act in the best interests of creditors and maximise returns. Enter an insolvent company liquidation procedure on your own terms for more control over the closure process. A Creditors’ Voluntary Liquidation (CVL) is a formal liquidation process for insolvent companies, administered by a licensed insolvency practitioner. During a CVL, the liquidator will convert assets into cash to raise money for creditors. Once outstanding company affairs have been settled, the company will be closed and removed from the Companies House register.
To close a solvent limited company, a Members’ Voluntary Liquidation (MVL) is often the preferred route for businesses with retained profits of £25,000 or more. Distributions will be treated as capital and therefore subject to Capital Gains Tax. You may also qualify for Business Asset Disposal Relief, previously known as Entrepreneurs Relief, which will reduce your tax liability to 10%.
Speak to a licensed insolvency practitioner at our Rochdale office for advice on how to liquidate your company cost-effectively.
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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