We will make sure all avenues are explored and advise you on the most appropriate closure route.
Making the decision to close your company is never easy. Whether it’s due to financial difficulties, personal circumstances, or your creditors have initiated the closure, the whole process can feel overwhelming. At Simply Corporate, we understand the weight of this decision and are here to guide you through every step with professionalism, empathy, and clarity.
Closing a company is not just about legal procedures; it’s about safeguarding your responsibilities as a director, ensuring employees are treated fairly, and windig down operations in a structured and compliant manner. We’re here to help you navigate this process with confidence.
Our company closure solutions
We provide expert guidance and tailored solutions for businesses in need of closure. Each route offers different benefits and considerations, and we’ll work closely with you to determine the best course of action.
Creditors Voluntary Liquidation (CVL)
If your company is insolvent and unable to pay its debts, a Creditors Voluntary Liquidation (CVL) allows you to take control of the situation by voluntarily closing the business in a structured manner. This option helps avoid compulsory liquidation and is often an ideal solution for companies where company rescue is not viable.
Compulsory Liquidation
Compulsory Liquidation occurs when a creditor petitions the court to close your company due to unpaid debts. After the order has been made, an Official Receiver will be appointed to start the process of placing your company into liquidation. If a Winding Up Petition has been issued against your business, it’s vital you take immediate action to explore your options and mitigate potential risks.
Members’ Voluntary Liquidation (MVL)
A Members’ Voluntary Liquidation (MVL) is the formal process of winding up and liquidating a ‘solvent’ company. This essentially means your company has sufficient assets to cover its debts and everyone will be paid in full. It allows businesses to close in a tax-efficient manner and allows shareholders to benefit from Business Asset Disposal Relief (formerly Entrepreneurs’ Relief), potentially reducing Capital Gains Tax to just 10%.
Dissolution
Dissolving a company, also known as ‘striking off’ is a simple, cost-effective way to close down a ‘solvent’ company with no assets. Primarily beneficial for small businesses that have no outstanding debts, it’s an easy way to remove a company from the Companies House register. Although it’s a straightforward process, it must be handled carefully to avoid unintended legal consequences.
Get in touchWhy choose Simply Corporate?
We approach company closure with understanding, integrity, and expertise. Our team of licensed insolvency practitioners ensures that you receive clear, professional advice tailored to your circumstances. Our commitment to you includes:
Expert guidance
We provide straightforward explanations and honest recommendations to help you make informed decisions.
Empathetic support
We understand the emotional challenges involved in closing a business and offer compassionate, non-judgmental advice.
Legal compliance
We ensure all legal obligations are met, protecting directors from potential liabilities.
Minimising stress
We handle the complexities of the closure process, allowing you to focus on your next steps with confidence.
Take the next step with confidence
The sooner you seek advice around your company closure, the more options you have available to prevent unnecessary stress and protect your interests as a director.
Call our expert team today for a confidential consultation, or complete our Quick Assessment form and we’ll be in touch with you.
Get in touch and let our team help you.
The Town Hall
Burnley Road
Padiham
BB12 8BS