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Liquidation
Liquidation – Court: also known as Court winding up
The purpose of a Liquidation is to ensure that a company is wound up and its affairs are brought to an orderly conclusion culminating in the Company being dissolved at Companies House.
In a Liquidation, the business of the Company will not continue, unless a period of trading would serve to deliver a greater return to the Company’s creditors than would be achieved by simply closing the door to the business. Typically, the assets of the Company will be sold off by private or public sale and, in all other respects, matters will be wound down to a conclusion.
A liquidation does not necessarily mean an end to a business. Directors, Shareholders, the Management team (anyone really) can acquire the business assets from its Liquidator and commence trading under a new trading vehicle.
If you are a Director of a Limited Company who is concerned with the viability of ongoing trading, or simply just wish some advice concerning your Company or your own position as a Director, please contact one of our dedicated team.
Liquidation – Creditors Voluntary Liquidation
A Creditors Voluntary Liquidation has no major differences, in practical terms, from a Court Liquidation. The main difference being that a Court Liquidation allows a Company, its Directors or its creditors to petition for the Winding up of the Company and, as the name suggest, it is all done through the Courts. Whereas, a Creditors Voluntary Liquidation, is designed to allow Directors and Creditors a degree of control over the Liquidation process.
If you are a Director of a Limited Company who is concerned with the viability of ongoing trading, or you simply just wish some advice concerning your Company, or your own position as a Director, please contact one of our dedicated team.
Members’ Voluntary Winding Up
This is a Liquidation that is intended for a solvent Company. It is generally used where a business owner wants to realise the assets of the business in a tax efficient manner and to bring the Company to an orderly conclusion. It involves the creditors of the Company being paid 100p in the £, plus whatever contractual interest they are entitled to, within a 12 month period.
For more information on Members Voluntary Liquidation, please contact one of our dedicated team.
