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I want to close my company and walk away
24 November 2016
Category Business Tips

There are many reasons why a business owner may want to close their company and walk away, including:

  • retiring
  • moving into full-time employment
  • not enjoying the experience of running your own business
  • struggling to keep your head above water and wishing to cut your losses.

Whatever the reason for closing your limited company, there are a number of options at your disposal.

Solvent companies

If your company is solvent (i.e. it can pay all of its debts) a Members’ Voluntary Liquidation (MVL) is likely to be the most tax-efficient way for you to close it.

By using an MVL the funds to be distributed are subject to Capital Gains Tax, rather than Income Tax. If you qualify for Entrepreneur’s Relief (ER) you can benefit from a 10% marginal rate on distributions.

This means there can be considerable tax savings for the director(s) of the company.

Our standard fee for an MVL is £995 (+VAT, +disbursements).

We aim to distribute the assets of the company after 35 days from the date of Liquidation.

So, an MVL is an affordable, quick and easy way for you to close your company and walk away with your hard-earned money.

Insolvent companies

If your company cannot pay its debts when they are due (i.e. it is insolvent), there are still options available for you if you want to close it and walk away.

Crucially, you do need to acknowledge your legal duties to your creditors. We can help you do this.

In our view it is far better to take control of your situation, rather than to do nothing and let your company go into ‘Compulsory’ Liquidation.

The best way to take control of your situation is to speak to a Licensed Insolvency Practitioner about a Creditors’ Voluntary Liquidation (CVL).

Clarke Bell have helped hundreds of business owners to close their companies with a CVL. (If it is not the best option for you, we will advise you what you should be doing.)

If a CVL is the best solution for you, our fee for a CVL is from £1,995 (all inclusive).

A CVL enables you to close your company and walk away, confident that you have fulfilled all your legal duties. This means that you will not need to be ‘looking over your shoulder’ or worrying that something to do with your old company will come back to haunt you.

You will then be in a great position to start afresh. And, if you want to start a new business, we can help you to raise the funds you will need.

More information about how to close a company and walk away

For free, initial advice contact Clarke Bell on 0161 907 4044 or [email protected]

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If you are worried about your business or just want a (free) no obligation chat, contact Clarke Bell on 0161 907 4044 or [email protected] today. Our Licensed Insolvency Practitioners will provide you with the best professional advice for your situation.

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