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Closing a Limited Company

90% of companies wishing to liquidate do so because of financial pressure. Issues such as poor cash flow, employee tribunals or creditor pressure often prove too much for Directors to manage, leaving them and their company in a vulnerable position.

Liquidating a Limited Company that has outstanding liabilities can be completed through a process known as Creditors Voluntary Liquidation.

Creditors Voluntary Liquidation has a wealth of advantages for the Company, Creditors and Directors.

Company

Clears 100% company debt *directors must be aware of personal guarantees
Legal action is halted
Staff able to claim redundancy
Leases are cancelled

Creditors

Ends debt collection
Receives money from sale of assets
Bad debt tax write off

Director

Free to start new company
Protection from wrongful trading
Reduce personal liabilities
Avoid court procedures
Potential redundancy claim (£6,000 to £12,500 Average)

Before starting the process you will need to consult with a licensed Insolvency Practitioner as only they are able to place a company into liquidation. During the consultation the Insolvency Practitioner will look at the following things:

Assets the company may own
Debts that the company owes
Loans the company may have made
Any personal guarantees

Uncollected revenue
Employee redundancy claims
Director redundancy claims
Pending legal action

Our Insolvency Practitioner will then explain the options to the Director based on the financial position of the company. This will also account for any impact on your personal life. Often directors have forgotten about personal guarantees they may have signed, leaving them personally liable for the debt.

If you wish to consult with our licensed Insolvency Practitioner then please call 0800 3277 891. All our advice is FREE, confidential and tailored to you and your company.

More About Creditors Voluntary Liquidation

How We Work

Consult

We offer ALL Directors a FREE, no obligation, confidential consultation on their business issues.

Engage

Once you officially engage our services we will start the liquidation process.

Relax

Now the formalities are over you can sit back and relax. Our qualified and experienced team will take it from here.

Our Promise To You

Whether providing free advice or welcoming a client we pride our-self on providing the highest level of professionalism, guidance, confidentiality throughout. It is important to us that every Director gains the knowledge they need to make informed decision on their own and companies future. We never underestimate the effect this can have on Directors personal lives and family.

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How To Find Us

Business Helpline Lagan House, 1 Sackville Street, Lisburn, Northern Ireland, BT27 4AB Email:info@business-helpline.com Telephone:0800 3277 891