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If your business is struggling financially there are several options open to you. From liquidation, which closes the company altogether, to options for business rescue. The goal of business rescue is to return a company to profitability. This is typically carried out and overseen by a licensed Insolvency Practitioner who genuinely believes the business can…

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What is an MVL? If you’re looking to close down your solvent company then one way to do it is through a process called a Members’ Voluntary Liquidation (MVL).  An MVL is an HMRC-approved way of liquidating a company which does not have any debts and is no longer needed. It is generally used when…

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There are three type of liquidations: 1. Creditors’ Voluntary Liquidation (CVL) This is a process in which you can choose to liquidate an insolvent company that can’t pay its debts and the shareholders agree and pass a ‘winding-up resolution.’  2. Compulsory Liquidation This is a process whereby a creditor attempts to force your company out…

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The process you take to close down your dormant company will depend on whether the company is solvent (i.e. it can pay its debts) or insolvent (i.e. it can’t pay its debts). Having determined this, you can then take the best course of action to close it down.  If you are a shareholder of the dormant…

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A Personal Service Company (PSC) is a limited company normally with one director, a contractor, who owns most or all of the shares of the company.  As the director of a PSC, you will get to the point when you will no longer need your company – generally due to retirement or taking up a…

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