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How to liquidate your education business

Recruitment issues, ongoing strikes, soaring inflation and rising interest costs continue to create challenging conditions for education businesses. While some Education businesses are innovating and capitalising on the increasing popularity of online learning, others are battling against the high financial cost of buildings and accommodation that they no longer need.  

As the financial pressures on education companies become more apparent, you should be aware of your options if your business starts to struggle. At UK Liquidators, our licensed insolvency practitioners can provide urgent company rescue and liquidation advice to help you act in the best interests of your creditors and your business. 

Why are education businesses struggling?

One of the biggest challenges for education businesses has been the ongoing staffing crisis, with more than half of senior managers in the education sector admitting to having vacancies which are hard to fill. That has been exacerbated by recent disputes over pay, with unfunded wage rises increasing costs. 

As well as soaring energy bills and rising interest rates, there have also been radical changes in funding that are making it difficult for many schools to remain financially viable. Throw in the high rate of inflation and it’s clear to see why many education businesses are now close to the brink.

If your education business is experiencing a downturn, seeking professional insolvency advice early on will allow you to explore all the options available to you. From emergency funding and debt restructuring to formal insolvency procedures like a Company Voluntary Arrangement, there are solutions out there. And if the business is no longer financially viable, Company Liquidation is an effective last resort.

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 .

Liquidating your education business

If your business is insolvent (unable to pay its bills when they become due) and no longer profitable, it could be in everyone’s best interests to close it down. You can do that via a Creditors’ Voluntary Liquidation (CVL)

A CVL is a voluntary process that you instigate as a company director. You will appoint a liquidator who will value and sell the company’s assets to repay its creditors before closing the company down. Any remaining debts will be written off. 

Needless to say, liquidation is not the outcome you would have hoped for, but by prioritising the interests of your creditors, you reduce the risk of allegations of wrongful trading that could lead to adverse consequences for you personally. You could also be eligible for director redundancy pay, which can more than cover the liquidator’s fee and help to support you while you consider your next step.   

Rescuing your education business

Although your education business might be struggling, with the right help it could go on to make a full recovery. Our licensed insolvency practitioners can implement a range of informal measures as well as formal insolvency procedures to get you back on track. 

For example, it might be possible to negotiate with your creditors to repay loans and other liabilities you have over a longer period or at a reduced rate of interest. That could free up the working capital you need to operate now. HMRC’s Time to Pay scheme is one potential solution. Alternatively, it could be that additional funding is all you need to kickstart the business’s recovery, in which case, we can use our knowledge of alternative finance streams to find a flexible way to fund your business. 

We also have formal insolvency procedures at our disposal. If you have unmanageable debts with multiple creditors, a Company Voluntary Arrangement (CVA) is a legally binding agreement that allows you to pay what you owe in monthly instalments over a typical period of three to five years. Company Administration or selling your business are also options we can explore.

Start your online liquidation today

If you have decided liquidation is the right option for your limited company, you can take the first step and begin the process online using our online portal. Starting the process is quick, simple, and can be done at a time that suits you. Your information will be submitted to your local UK Liquidators insolvency practitioner who will be with you every step of the way. Click here to start your company’s liquidation online.

Need advice?

Are you worried about the future of your education business? At UK Liquidators, we can provide a free, same-day consultation to help you understand your options and guide you on the right approach for your business. Call our confidential advice line or arrange a meeting at one of our 100+ offices throughout the UK.

Jonathan Munnery
Insolvency & Restructuring Expert

If you are considering liquidation for your limited company, taking advice from a licensed insolvency practitioner can help you understand your options.

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Are you eligible to claim Director Redundancy?
As a Limited Company Director you may be entitled to claim Director Redundancy - Average UK claim is £9,000*.
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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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