The steps to take before closing your company
In all cases the best way for you to prepare to put your company into Liquidation is to talk to someone as soon as possible, we will advise you of what to be careful of.
Just by talking to someone, you are not committing to anything, nor are you making a statement about your company’s finances, you are just getting advice.
If you decide not to talk to someone yet, then some points you have to be careful of are:
Disposal of Assets. If you decide to sell your company’s assets, do so at a realistic value. Gone are the days of selling everything for £1. If you are unsure of the value of your assets, look at your balance sheet, which should give you a good idea.
Showing Preference. If you are paying creditors something, then pay them all proportionate to their debt level. If you decide to pay one creditor over and above what you pay other creditors, you are breaking the rules.
Trading Insolvent. By far the biggest mistake Directors make in this situation is to carry on trading in the hope that a big contract will come through. Do not take on any more debt. If you do, you run the risk of being made personally liable.
If in doubt about you you should do get advice on how to prepare for Liquidation, it may just save you a whole heap of trouble.
How can we help
Unlike other Liquidation Companies, we have structured ourselves and our Voluntary Liquidation Services in a way that genuinely helps you the most.
By Liquidating through us, we will:-
- Ensure you are aware of any problems before you commit to Liquidation
- Make sure your Liquidation goes as smoothly as possible
- Deal with any issues before they become a problem
- Try to make sure this is your first and only Liquidation
- Minimize the pain of Voluntary Liquidation
Make a fresh start in business and start your Liquidation – call 0800 612 94 78 now.
