Using Licenced Insolvency Practitioners we offer a comprehensive range of company liquidation services covering Creditors Voluntary Liquidation (CVL), Members Voluntary Liquidation and advice on dealing with and halting Compulsory Liquidations.
Company Liquidation Procedure
Creditors Voluntary Liquidation – Creditors Voluntary Liquidation is when the Directors and shareholders of the business voluntarily decide to fold the company because it is insolvent and so doesn’t have the sufficient assets to cover its debts. Businesses normally decide to enter this type of Liquidation when it feels that it can no longer continue to trade and it wants to settle its outstanding debts as soon as possible.
Compulsory Liquidation – Compulsory liquidation is when the Creditors who have not been paid by the business apply to the High Court to wind up the business, the business is then liquidated and the creditors paid. Creditors only need to be owed £750 or more to start this process. If the court agrees to the Creditors petition and the debt is not paid then a hearing is held, at the hearing the judge has the power to pass an act to compulsorily liquidate the company in order to settle its debts.
Members Voluntary Liquidation – Members Voluntary Liquidation is the process used when a company is solvent, that is the business has assets to cover its debts, however the company’s shareholders decide to wind up the company in order that the assets be used to pay off the debts owed in full. This process is chosen when the shareholders want to either cease trading and withdrawn their investments or restructure the company.
Is there a Company Liquidation Register?
Insolvency Service – A government department that, amongst other roles, administer and investigate the affairs of companies wound up by the court, and establish why they became insolvent.
Stubbs Gazette – Published continuously since 1836, Stubbs Gazette is reliable and comprehensive source of information that may be determined about companies.
London Gazette – Working closely with the Insolvency Service (an Executive Agency of the Department for Business, Innovation and Skills), the London Gazette provides a comprehensive and growing range of services for those who require information on corporate insolvency and personal bankruptcy events.
Appointments of administrators/liquidators, meetings of creditors, petitions and orders to wind up companies and individual bankruptcy orders are amongst the key information published.
Whichever the company liquidation solution you choose, you will receive detailed advice and guidance from the planning stage through to the implementation and we will ‘hold your hand’ throughout the process.