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How to liquidate your transport or logistics business

It’s certainly not been plain sailing for UK transport and logistics businesses of late, with headwinds continuing to cause problems in an industry that was severely affected by the coronavirus pandemic.  

The fall in trade between the UK and the EU following Brexit has led to declining revenues for many transport firms that rely on cross-border trade. Several other factors are contributing to slow growth in the sector and sending many firms on a downward spiral. 

If you operate a transport or logistics company that’s struggling, you need to understand your options. As a team of licensed insolvency practitioners, we can provide urgent advice on liquidation and the company rescue options that can keep your business afloat.   

Why have transport and logistics businesses been so badly affected?

In recent years, the UK transport industry has been negatively affected by Covid and Brexit, but while the pandemic has eased, the effects of Brexit are still being felt. 

Increased restrictions to travel are causing disruptions to traditional delivery routes, while the ongoing driver shortage is pushing up wages and making it difficult for firms to grow their businesses. That, combined with the delays at ports around the UK, is making moving goods through the UK more challenging and expensive than some businesses can manage.  

If your transport or logistics company is experiencing a downturn, seeking professional insolvency advice early on is crucial. Liquidation is one avenue to explore if your business is no longer financially viable, but there are also rescue options that could enable you to keep trading. 

Liquidation advice for the transport sector

At UK Liquidators, our licensed insolvency practitioners can help you better understand your current financial position and the options available so you can make an informed decision. 

If the business is no longer viable and it’s in everyone’s best interests to close it down, a Creditors’ Voluntary Liquidation (CVL) is the right way to proceed. It enables you to close the business in line with the relevant insolvency laws and protects you from the potentially serious repercussions if you continue to trade with no realistic prospect of recovery.   

Although no company director wants their business to end this way, voluntary liquidation can help you make the best of a bad situation. By entering into a CVL, eligible staff can claim redundancy pay and you may also qualify for a redundancy payout as a company director.

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 .

Creditors’ Voluntary Liquidation for transport businesses

Although the name might suggest otherwise, a Creditors’ Voluntary Liquidation is a procedure you initiate as the company director. You choose a licensed insolvency practitioner to act as the liquidator who will close the company on your behalf. 

A key part of the liquidator’s role is to value and sell the company’s assets to repay your creditors as far as possible. Once they have distributed the funds to your creditors, any remaining debts will be written off and the company will be struck off the Companies House register.

As we mentioned earlier, you may be able to claim director redundancy pay, which averages around £10,000, when you liquidate your company via a CVL. To be eligible, you must:

  • Be owed money by the company - this could be your initial investment or a salary
  • Have worked for the company under a contract of employment (written, oral or implied) for at least two years
  • Have taken a regular salary through PAYE
  • Have worked a minimum of 16 hours a week
  • Have performed more than just an advisory role

Rescuing transport and logistics businesses in financial distress

Liquidation may not be your only option. We can help you identify rescue and recovery measures that can turn your business around. A formal agreement called a Company Voluntary Arrangement (CVA) - which allows you to repay your debts over time while continuing to trade - could be appropriate. 

Alternatively, it might be possible to restructure the business so you can continue trading without the unprofitable elements that were contributing to your decline.

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 offer a free, same-day consultation to assess your financial situation and discuss the rescue and liquidation options available to your transport business. Call our confidential advice line or arrange a free face-to-face consultation 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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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.

  • Free initial consultation
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