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A company strike-off is an effective, low-cost method of closing down a solvent company. It is used by a great many directors for a wide range of reasons, from declining profitability to retirement. In most cases, the process is quite simple; you will file your application with the Companies House, notify HMRC, and allow the…

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For directors of insolvent companies, finding the right path forward can be challenging. Some companies in difficult financial situations would, for example, benefit most from closing through a Creditors’ Voluntary Liquidation (CVL). Other companies would benefit most from attempting to alleviate the financial pressure, rather than completely winding down operations. A Company Voluntary Arrangement (CVA)…

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When liquidating a company, your options are contingent upon your company’s financial state. A Creditors’ Voluntary Liquidation (CVL) and, potentially business rescue, is often your best option if your company is insolvent (i.e. can’t pay its debts). However, for a solvent company a Members’ Voluntary Liquidation (MVL) is often the most beneficial solution. An MVL…

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20 June 2022 Business Insolvency

Closing a company can be a complicated affair at the best of times, but when you owe a debt to HMRC, you need to be especially cautious. You have legal obligations to creditors generally, but there are stringent rules surrounding closing a limited company with VAT debt, or any other debt to HMRC. Failing to…

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14 June 2022 Business Insolvency

Liquidation is the fate of many companies for a wide range of reasons. Both solvent (asset rich) and insolvent (in debt) companies can be liquidated. Therefore, liquidation shouldn’t be seen as a positive or negative process, it is simply one of many ways to close a company. The directors of a Limited Company will voluntarily…

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