Need advice on closing a company, liquidation or business debt?
Whether you’re looking to close a company, clear the decks and start again, close a business that’s run its course or rescue a business with a viable future, seeking advice early will maximise your options and provide much-needed peace of mind – for you, and your employees.
For company directors, there are a number of formal, legal ways to help you achieve the outcome you desire. Which option suits you will depend on your circumstances and what you are looking to achieve.
Let’s take a quick look at the options…
Pre-Pack Administration – The closing down and restarting of a company. If your company is struggling to pay its debts, but would be viable if it could be restarted, then a pre-pack administration may be the right solution for you. This will allow the business to be packaged and sold to a new company, often controlled by the same directors, provided strict statutory requirements are met.
Creditors Voluntary Arrangement (CVA) – is a company rescue and restructuring option which can help ensure the survival of your company. This process, which often takes between 7-10 weeks, allows you to ring-fence your struggling business whilst a solution is found, and creditors are repaid out of future profits made.
Creditors Voluntary Liquidation (CVL) – For the company that is insolvent, and wants to close the door and walk away. Once the process has begun, a CVL is fairly straightforward; in this scenario, creditors are dealt with, leases are cancelled, and no loose ends are left untied.
Members Voluntary Liquidation (MVL) – Solvent Liquidation. In other words, your company has cash, but director/shareholders want to retiring, groups are restructuring, or your company has simply fulfilled its purpose and needs to close. In this situation, a share value is distributed to its directors in the most tax efficient way.
McAlister & Co are one of the most in-demand Licensed Insolvency Practitioners in the country, providing advice on business insolvency to Directors, Sole Traders, and Partnerships about the variety of different options available.
We can help you:
- Deal with staff and unpaid wages.
- Deal with your creditors.
- Deal with bailiffs, solicitors, and court officials on your behalf.
- Enable you to safely close a company and restart.
- Give you breathing space to make informed choices.
- Obtain valuation of business assets.
- Assist in gaining business finance.
- Identify personal guarantees and potential liability.
- Help protect your family home and personal assets.
- Negotiate with HMRC on your behalf.
Times like this can get incredibly confusing and stressful. Financial pressure or loss of love for the business can feel like a lonely place, but that doesn’t need to be the case
We don’t need personal or company details to answer initial questions on your situation. Call us now on 03300 563 600 or contact us here for free initial advice on business insolvency.
If your company is experiencing financial difficulties and looking for a way to carry on trading:
We provide advice on procedures which allow your limited company to continue trading while insolvent, and subsequently give you the opportunity to trade out of your debt. We’ll also give you protection from any legal action taken by your creditors, negotiating with them on your behalf to reduce your limited company debt. As part of this process, we offer upfront, fixed quotes and free initial advice and guidance.
If you’re looking for a way to close down and restart your company:
We can help you to legally wind-up and restart without the debts. This will help you to minimise the loss of assets and staff jobs. We’ll also ensure your company is quickly protected by the Court from legal action by creditors, and offer you upfront, fixed quotes and free initial advice and guidance to give you peace of mind.
If you’re looking to wind up or dissolve a dormant company or solvent company:
We can help you to tie up the loose ends of a dormant or unused company, close down a business if you are retiring or wind up and distribute assets of a larger, solvent organisation which is no longer needed. In these instances, we’ll distribute any cash and assets quickly to shareholders, ensure there is no future comeback on tax liabilities, and offer upfront, fixed quotes and free initial advice and guidance to get you started.
If you need pre-liquidation planning and support, or your company is showing the early signs of financial difficulty and insolvency:
We can help you with any pre-liquidation planning to can make liquidation quicker, easier and cheaper and advise on asset protection, director liabilities and staff and director redundancy pay. With effective planning, the costs of the liquidation can be worked in to the company debt smoothly, and we can offer you upfront, fixed quotes and free initial advice and guidance to give you instant peace of mind.