Liquidate Your Company
Enter liquidation and close down your company with the least cost and most tax efficent route.
You may qualify for Redundancy Payments which can cover costs and leave money over for you.
Find The Cheapest Way To Close My Company
Get an instant on screen indication to the suitable route to close your company.
We are the Focus Insolvency Group and have years of experience closing business of all types.
Advantages Of Voluntary Liquidation
Keep more control - close your company on your terms
Gives directors a clean break
Allows you to close a potentially insolvent company with no further liability (unless debts have been personally guaranteed).
Quick and cost effective
Can be funded using company assets such as cash at bank, sale of assets, book debts etc.
Your duties as a director
It shows creditors you have done the right thing by taking professional advice and can steer you away from the implications of wrongful trading.
Claim redundancy payments
Employees and potentially directors can make a claim from the National Insurance Fund and receive payments for outstanding wages, holiday pay, pay in lieu of notice and redundancy.
Bounce Back Loans and Liquidations
Can I liquidate my company if it has taken out a Bounce Back Loan?
In short yes. Businesses may still find trading difficult during or after this turbulent period, even with the extra funds from the loan. Recovery may not be realistic so liquidation and closure is the most suitable course of action.
What happens to the loan in liquidation?
In the event of a company being liquidated, the bounce back loan turns into unsecured debt.
Can I be held liable for an unpaid bounce back loan?
Not usually. In the event of a company being liquidated, any personal guarantees signed by a director means that director remains liable for the debt.
Directors however, generally are not liable for an unpaid bounce back loan because they usually 100% guaranteed by the Government and not by the director.
The Bounce Back Loan Scheme allows eligible businesses to borrow upto £50,000 to cover expenses to protect customers and staff, and to recover from the difficulties caused by Coronavirus.
Government Funded Redundancy Payments
When an insolvent company closes, employees may be able to make a claim from the National Insurance Fund and receive payments for outstanding wages, holiday pay, pay in lieu of notice and tax free redundancy.
This can cover the cost of the liquidation and leave money over for you.
I was going through a difficult period. To discover I was entitled to over £14,000 redundancy, tax free, when I closed my company changed everything.
Types of Company Liquidations
A Creditors’ Voluntary Liquidation (CVL) is when an Insolvent Company's directors voluntarily close the business. Our fees are from £999 + disbursements and VAT.
This process offers more control over being forced into compulsory liquidation.
Redundancy Payments may be claimable from the Nationinal Insurance fund.Learn More
A Creditors’ Voluntary Liquidation (CVL) is when an Insolvent Company's directors voluntarily close the business by the appointment of a liquidator.
Worried about Compulsory Liquidation or facing a Winding-Up Order?
You have several potential routes to avoid compulsory liquidation.Learn More