Closing a solvent company (i.e. one which has no debts) may seem like a simple process. However, before doing so you should seek advice from your Accountant and/or a Licensed Insolvency Practitioner to make sure that you choose the best way to close your company.
Clarke Bell have been trading for more than 28 years. We have helped thousands of directors close down their solvent company successfully with the Members’ Voluntary Liquidation (MVL) process.
There are several reasons why you might be considering closing down your solvent company, including:
For most freelancers / contractors, you are the business. So when you are ready to retire, you are unlikely to be able to sell your company. Instead, you will be looking for the best way to close the company down and extract your company’s assets in the most effective way.
Shareholder disputes can crop up for a number of reasons, perhaps related to disagreements about the management or direction of the company. The situation might mean that it is no longer viable to continue running the company, so you will want to close it down.
Some directors of a company / contractors want to go into an employee / PAYE role – particularly with the introduction of the new IR35 rules. In these instances, the directors will no longer need their company.
You might be looking for a new business venture. If you want to start a new business, you might need to close your existing company and extract the money to finance your new company.
