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We have extensive experience in a wide range of business recovery solutions, explore some of our top guides below
When making any significant business decision it is important to make sure that you get the right advice. This is particularly true if you are faced with significant business debt as you are likely to be under pressure from creditors and may be beginning to suffer with the stress of the situation. In these circumstances, finding supportive and well structured advice as soon as possible ensures that you have the maximum number of options available and can also go some way to alleviating some of the pressure you are under.
At The Insolvency Helpdesk, our team of Licensed Insolvency Practitioners aim to provide you with online access to the information you need to understand the basics of the options that are available to you. You can then call us for advice specific to your business debt in the knowledge that you will better understand these options and the advice given. We operate throughout the UK and all advice is provided by Licensed Insolvency Practitioners with years of practical experience.
Creditors’ Voluntary Liquidation If your Company’s finances have reached the point where a rescue or restructuring solution is unlikely to be possible, it is usually most appropriate to place the Company into Creditors’ Voluntary Liquidation (also known as CVL). Company Voluntary Arrangement A Company Voluntary Arrangement (or CVA as they are commonly known) is a legal contract between your Company and its creditors where the Company typically pays a monthly payment based on what its cash flow forecasts say it can afford. Administration Administration provides immediate protection against action being taken by Company creditors such as your suppliers or HMRC. This is important as it buys you time to determine the best strategy for you and your business. Close the company If the Company is no longer viable and its business debts are such that it cannot continue then you can look to close the Company. By taking control of the process, you are able to move on sooner with support provided throughout.
CVL allows you to close your Company and walk away from its business debt. You are then free to decide whether to start a new venture or simply move on to employment, free of historic debts.
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A CVA is usually for a maximum period of 5 years, with any debt not repaid as part of the CVA written off meaning your Company then trades forwards free of historic debt.
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Once in Administration, the Company may be rescued as a going concern or the business and assets sold either after a short period of trade or through a Pre Pack sale.
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If you have been on the Company payroll, you may also qualify to claim redundancy and other statutory entitlements from the Redundancy Payments Service.
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If you are looking to close your Company it is important to make sure that you get the right advice. This is particularly true if your Company is experiencing financial difficulties as you are likely to be under pressure from creditors and may be beginning to suffer with the stress of the situation. In these circumstances, finding supportive and well structured advice as soon as possible ensures that you have the maximum number of options available and can also go some way to alleviating some of the pressure you are under.
At The Insolvency Helpdesk, we aim to provide you with online access to the information you need to understand the basics of how to close a Limited Company. You can then call us for advice specific to your business circumstances in the knowledge that you will better understand these options and the advice given. We operate throughout the UK and all advice is provided by Licensed Insolvency Practitioners with years of practical experience.
Whatever your situation, taking control of the Company closure process through Creditors’ Voluntary Liquidation will give you more options and greater certainty. We will always work with you to help you achieve the best outcome you can in the most affordable way possible so please call us free on 0800 066 3122
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With over 30 years’ experience in company insolvency and business recovery, we have the knowledge and most importantly, the understanding, to be able to assist you whatever your business circumstances may be. We will work with you to find the right solution to help you and your business, be it restructure, recovery or simply helping you to walk away and move on.
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We know the difficulties businesses experience in the current economic climate and the pressure directors find themselves under. Because of this, we will listen to you and understand your situation in order to work with you to find the right solution for you and your business.
