Informal/Non Insolvency Services
Winding up your business
Are you looking to close your company? Sometimes it is the most satisfying option for all concerned. Perhaps you have difficulty with a major customer failing, you may be affected by illness or have an identifiable loss in an otherwise successful trading business.
In such circumstances a helping hand and good advice may be all that your business needs. At debtsolve we have a wealth of contacts who we can recommend to you in the event that your needs require specialist skills.
Furthermore we have experience of providing advice to purchasers of businesses from the likes of administrators, liquidators and receivers.
Voluntary Business Liquidation
If you are looking to close your business you may need a Members' Voluntary Liquidation, whilst governed by the Insolvency Act 1986, this procedure is for solvent companies and is controlled by shareholders. It often provides both a tax and cost efficient mechanism to close down a dormant company minimising the risks to shareholders and directors. Once commenced the directors no longer need to file statutory returns.
For further information please contact us on 0800 072 1544 or fill out the contact form.
Members Voluntary Liquidation
Pros
- Company is declared solvent
- Several tax advantages/opportunities
- Allows distribution of assets (in specie) to shareholders
- Can separate diverse businesses from one company
- Time to sell a property
- Reduces risk to directors/shareholders
- Shareholders retain degree of control
- Generally inexpensive
Cons
- Directors must be certain company is solvent
- 12 months to complete winding up