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How to liquidate your professional services company

Professional services firms, which include consultancy, accountancy, recruitment, legal and property-related services, are highly reliant on the health of the wider economy. When the economy stagnates, it threatens their income streams and disrupts the flow of customer demand. It also exacerbates the sector’s already problematic relationship with cash flow, and the result, all too often, is that insolvency rates rise. 

If you’re facing intense cash flow pressure or are receiving threats of legal action from creditors, it’s time to seek professional help. At UK Liquidators, we can provide urgent company rescue and liquidation advice to help you find the best way forward. 

Why are professional services businesses struggling?

Professional services firms face many of the same pressures as other businesses. Wages have risen substantially and good staff are becoming increasingly difficult to find. Inflation and interest rates are also pushing up costs and the flatlining of the economy is affecting demand. 

Businesses are also facing sector-specific challenges. For example, estate agents already have significant cash flow delays, and a loss of confidence in the housing market can quickly lead to losses. Many professional services firms also have long and expensive property leases, making it difficult to react and cut costs in a downturn.  

If these challenges sound all too familiar, you should seek help at your earliest opportunity. Company rescue options such as emergency funding, debt restructuring and formal repayment arrangements can help you turn the business around. Alternatively, if your business is no longer financially viable, Company Liquidation could be the best option.

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 .

Liquidation advice for professional services businesses

If your professional services company is insolvent and has no realistic prospect of recovery, liquidating it voluntarily is likely to be in everyone’s best interests. By initiating a Creditors’ Voluntary Liquidation (CVL), you are being proactive and taking appropriate steps to minimise the losses of your creditors. That will help to protect you from accusations of wrongful trading, which could otherwise lead to adverse consequences for you personally.  

In a CVL, you appoint a licensed insolvency practitioner to act as the liquidator. They will value and sell the company assets to generate funds to repay your creditors. They’ll then close the business and any remaining debts will be written off. 

One of the benefits of a CVL is that eligible company directors can claim redundancy pay. The average payout is around £10,000. That can help to provide some financial stability while you consider your next move. 

Rescuing your professional services company

Your professional services business might be struggling, but liquidation should always be a last resort. Almost every company experiences financial ups and downs, and with the right help, there’s every chance you can turn your situation around.

There are a wide range of company rescue options we can help you explore. For example, you might be able to secure emergency funding to free up cash or negotiate with your creditors to restructure your existing debt and make it more manageable. 

A Company Voluntary Arrangement (CVA) is a formal agreement with your creditors that freezes interest and charges on your existing debts and allows you to repay them over time. Alternatively, Company Administration could enable you to restructure your business and continue trading without the unprofitable parts.

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?

We understand this is a worrying and stressful time, but your situation will look clearer with professional advice. We can talk you through the company rescue and liquidation options and guide you on your next steps. Call our confidential advice line for a free consultation or arrange a face-to-face meeting at one of our 100+ offices across 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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Did you know?
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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Contact the UK Liquidators Team

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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