If carried out correctly and at the earliest warning signs, many directors do not have to pay to close a limited company.
A common misconception is that if a company is being liquidated by the court, or being closed voluntarily, a director will have to pay out of their own pocket to meet the fees. If caught at an early stage, insolvency can often be paid for through company assets.
McAlister & Co will always aim to make a company closure self-funding.
As licensed insolvency practitioners, we advise directors on how to close down a limited company in a way that’s best for them. Our professional and impartial advice will always aim to show directors the cheapest way to close a limited company. Our staff are experts in corporate insolvency and with their combined knowledge of over 100 years, McAlister & Co will always advise on the best solution. Closing a limited company may be as simple as filing a form at companies house and paying a £10 fee.
Directors paying staff their final wages out of their own pocket is one of the most common mistakes we encounter. If there is not enough capital in the company, unpaid wages and redundancy payments are paid for by the Government. McAlister & Co will always advise and help any employees that require assistance with this process. Many of the common questions directors ask us can be found below.
If your company is insolvent i.e typically unable to pay creditors when due or it has simply run out of cash, it is a director’s legal obligation to cease trading and seek advice about options to preserve or close the business. There are many options available to directors when they are using fully qualified insolvency practitioners, many of which will enable them to close the company at no cost or minimise payments to creditors, effectively preserving the business.
All insolvencies are impacted by when directors act, so if you need help with how to close down a limited company, contact us.
Sandra McAlister FCCA, FABRP
Email: [email protected]
Head Office: 0800 046 8297
Sandra qualified as a chartered accountant in 2002 and became a licensed insolvency practitioner in 2005. Prior to establishing McAlister & Co in 2007, Sandra enjoyed a successful career with a leading national Insolvency firm. Working predominantly within the corporate insolvency sector, Sandra has over 15 years’ experience and handles all aspects of business rescue and insolvency.
Sandra is the former Chairman of the ACCA network panel for Swansea and West Wales.
Simon Barriball FCCA FABRP
Email: [email protected]
Office: 01443 866 370
Simon is a certified chartered accountant and licensed insolvency practitioner with extensive experience advising companies and individuals on insolvency, recovery and turnaround solutions. Simon joins us from a leading national insolvency practice and leads our Tredomen office.