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Liquidation Types
The liquidation of a company is a formal insolvency procedure which winds up a business, liquidating all of its assets (if any) and distributing the balance of funds to repay creditors. There are two main types of business liquidation for insolvent companies – compulsory liquidation and voluntary liquidation.
Compulsory liquidation is a process most commonly used by creditors to force a company into liquidation in order to get back the money they're owed – often for unpaid tax debts due to HMRC.
HOW IT WORKS
Business Debt Advisors are experienced and licensed liquidators,
helping directors to voluntarily wind-up their business with our fast, low-cost and complete liquidation service.
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Fully Licensed UK Insolvency Practice
We see many companies and individuals that find themselves facing financial problems through no fault of their own, whether your preference is to start trading again or wind the company down and carry on life down a different path we can find the solution for you. Our low cost service means that you can afford to take the steps necessary to move forward whilst receiving a bespoke professional service from our experienced team.
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Who are we?
Business Debt Advisors staff between them have over 50 years of insolvency and restructuring experience and the company has grown substantially since, employing over 80 staff members who are all experts in their respective fields. Business Debt Advisors Restructuring and Business Debt Advisors Brokers are both award winning divisions, helping businesses survive in todays turbulent landscape, with Business Debt Advisors Property and Business Debt Advisors Corporate Solutions making up the entirety of the groups composition.
Whether your company is financially distressed or you are simply concerned about what the future holds for your business, we will gladly offer any expert advice we can, so don't be afraid to get in touch, all conversations are confidential.
HOW BUSINESS DEBT ADVISORS CAN HELP YOU
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Experienced Liquidators
Business Debt Advisors is an experienced business liquidation firm, helping directors to voluntarily wind-up their business with our fast, low-cost and complete liquidation service. We are fully licensed Insolvency Practitioners.
Remove Stress
Closing your business is usually a pretty pricey process – costing over £5000 – which isn't ideal when your business is already undergoing financial difficulty. So if you're looking to wind up your business in a low-cost way, then get in contact with us today. From just £1,750.
Solving Problems
We pride ourselves on our efficient, low-cost liquidation service that'll help to solve your problems as quickly as possible, so you don't have to deal with the stresses and strains that come with being chased by creditors any longer. We can deal with Bounce Back Loans, HMRC, CCJs etc.
Business Debt Advisors
With over 20 years of experience in the business recovery and financial turnaround sector, we are experts in our field who provide unique and specialist advice to our clients throughout the UK. Our dedicated consultants act quickly in critical situations, having the requisite skills and vast knowledge of all insolvency procedures to ensure you receive the best outcome possible. (See testimonials)
- It is this experience and skill which enables Business Debt Advisors to provide the commercial aspect to any type of insolvency and turnaround procedure unlike many advisors.
- If you are a director of a limited company then the responsibility lies with you to act and seek advice.
- "What we do is a craft and an art, it's not a science. We apply our vast unbiased knowledge and craft solutions to best suit each of our clients circumstances. No two cases are ever the same."
Free expert advice in minutes
Over 50 Years of Insolvency & Restructuring Experience
What Can Business Debt Advisors Do For You?
Whether you are closing an insolvent business via a Creditors' Voluntary Liquidation (CVL) or closing a solvent business via a Member's Voluntary Liquidation (MVL), our experienced team of Licensed Insolvency Practitioners (IPs) are here to help you through the process.
Our team of dedicated experts are here to help you from start to finish. Our goal is to help you get back to where you want to be. We do this by:
- Dilemmas with your bounce back loan? No problem, expert advice awaits
- Worried about an overdrawn directors loan? Get in touch today for expert advice before you enter liquidation
- Offering you intital free helpful advice - exploring all the options before you decide liquidating your business is right for you
Frequently asked questions
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What happens when a company is placed into Liquidation?
If it has not done so already, the company almost always ceases to trade. The Liquidator, who has various statutory powers enabling them to wind the company down, will then take control of the company's affairs.
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What happens with the Company's assets?
The Liquidator will first instruct agents to value and price the Company's assets. Once this has been done, the Liquidator will then sell the assets for the best value achievable in the circumstances.
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What happens to the money that the Liquidator recovers?
There is an order of priorities that the funds retrieved will be used to pay. These are set out as follows: -The cost of the liquidation -Secured/preferential creditors -Unsecured creditors
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What happens to the company's employees?
In most cases, the Company's employees will be made redundant. Through the National Insurance Fund, employees are able to claim redundancy pay and other entitlements, whereby the Liquidator will assist in the submission of these claims. If a sale of the Business is able to be concluded by the Liquidator on a going concern basis, it is possible for employees to be transferred to the purchasing entity.
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What other duties does a Liquidator have?
Having a duty to investigate the company's prior affairs, the Liquidator will provide a report to the Insolvency Service with their findings. Once reviewed, the Insolvency Service will then consider disqualification proceedings. If necessary, the Liquidator also has the power to attempt to recover assets from parties to certain transactions prior to Liquidation.
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How quickly should Directors act?
As quickly as possible! As part of their report to the Insolvency Service, the Liquidator will take into consideration how quickly the Directors acted in obtaining advice. There may be accusations of wrongful trading if the Directors continued to trade whilst knowing the Company was insolvent.
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Can the Directors of a company in Liquidation purchase its assets?
Provided their offer is acceptable to the Liquidator based upon market value and this option is the best outcome for the company's creditors, then the Directors (or shareholders) can purchase the company's assets. Using an independent valuation agent, any offer received should be considered the best achievable within the circumstances. Although they must meet certain conditions if they want to trade with the same or similar name, the Directors can trade again in the same or similar line of business.