Company Liquidation Whittlesey in Whittlesey

Contact Us

As scary as it may for seem for businesses, old and new, there may come a point when liquidation is the only viable option remaining. So how did you get to this point? There is a number of reasons why liquidation of a company may become a necessity, for example, it may be that your company is simply not profitable anymore – or it may be that your company has taken on too much debt and your creditors are forcing you into compulsory liquidation.

Whatever the reason, we can help guide you through the process and give you all the information you may need to get the ball rolling.

Find Out More

What Does Liquidation Mean?

So, what exactly is liquidation and what does it mean for you and your company? Well, quite simply, liquidation (sometimes known as a winding up order) is a process that sees a company brought to an end – with its assets and property then being redistributed in order to pay off its debts.

You will find three different types of liquidation, two voluntary and one compulsory, but we’ll have more on that later – however, the end goal of all three remains the same – to bring your business to an end.  If you’re unsure of what type of is suitable for your company, don’t worry, we will do all we can to help and guide you through the process.

How to Liquidate a Company

If you’re feeling a little overwhelmed and don’t know where to start, don’t worry, we can talk you through the process of liquidating a business – but here’s a brief overview.

When liquidating a company, there are generally five main steps to follow in order to complete the process. Firstly, an insolvency practitioner will be appointed as Liquidator and it is their job to oversee the whole process and ensure it runs as smoothly as possible for all involved parties.

Secondly, all of the company’s assets are then assessed and liquidated. Next, creditors will then be paid what they are owed (or an agreed upon amount) in order of priority. Then, any surplus cash remaining will then be distributed to the directors accordingly. Finally, the company is dissolved and is the struck off the registrar of companies and Companies House, meaning it will no longer be able to operate or trade.

Contact Our Team

Types of Liquidation

There are currently three types of liquidation available to companies – two voluntary processes and one compulsory process.

·         Firstly, there is the voluntary liquidation of an insolvent limited company. This type involves the dissolution of the business and sees it assets redistributed to its creditors. This is generally seen as a last resort for companies, but it can also be a rational decision that may not necessarily mean the end of the business, as it enables directors to write off unsecured debts that have not be guaranteed personally.

·         The second form of voluntary liquidation is that of a solvent limited company. Otherwise known as a Member’s Voluntary Liquidation (MVL), this is generally considered the fitting way to liquidate a company and can even be used as part of an exit strategy. Reasons for considering an MVL may be that you are looking to reduce taxation by closing your company as part of a business plan, or your business may simply be coming to an end naturally. You must consider, however, that to be eligible for an MVL, a declaration must be signed confirming that there are no remaining creditors (including HMRC).

·         Finally, there is compulsory liquidation of a company. This is considered the most severe of all three types – as it is usually initiated by a creditor that is aiming to force to company to liquidate, usually in the form of a court order. It’s safe to say, you may not be too happy with your business being forced into closure, but do bear in mind, this is generally a last resort by creditors, probably after several unsuccessful negotiations over missed payments etc.

If you do find yourself in this situation, do be aware that your conduct during this process will be reported to the Secretary of State at the end of proceedings and if you have failed to cooperate, there may be some pretty serious consequences.

Liquidation Process UK

Here in the UK, there are several things that need to be considered before the liquidation process can even begin. For example, directors must meet to pass a resolution to convene a general meeting for liquidating the company, per the Companies Act 2006.

When the meeting is agreed, all creditors must be notified at least seven days before said meeting is due to take place and an advert must be placed in The Gazette within 14 days. A statement of affairs must then be drawn up by the directors, to prevent at the meeting. After the meeting has taken place, one director must then be chosen to formally represent the group at the meeting with the creditors.

You may be wondering how long the UK liquidation process will take, in regards to winding up your business. But, the truth is, there is no accurate answer for this, as each case is unique and it generally depends on the size and complexity of the business – as well as its debts, assets and property.

It’s also worth noting that if you were the director of a company in compulsory liquidation or creditors voluntary liquidation, you will be banned from forming, managing or even promoting a business that has the same name, or a similar name to your liquidated business – unless you have been granted permission to do so by the court.

Find Out More

We appreciate that all of the above may seem like a lot to digest, at an already stressful time if you are going through, or considering going through liquidation of a company, be it voluntary or involuntary. However, you can rest assured that the insolvency services we offer are here to help and assist you in getting the best possible outcome for yourself and your business.  

Get In Touch

We cover Whittlesey (Cambridgeshire)

Get in touch

We aim to get back to you in 1 working day.


Other locations available for company liquidation whittlesey
Hampton Hargate Christchurch Over West Wickham Westley Bottom Stanground Tilbrook Dunkirk Ickleton Peakirk Winwick Newark Southoe Freestones Corner Wyton Chatteris Begdale Litlington Gorefield Burrough Green Turves Steeple Gidding Norman Cross Cherry Hinton Dullingham Ley Great Green Swaffham Prior Whittlesey Flood's Ferry Foul Anchor Ditton Green Horningsea Barton Crow End Kings Hedges Wennington Little Heath Tydd St Giles Somersham Weston Colville Walsoken Washingley Green End New Fletton Shingay Ramsey Forty Foot Caldecote Stonea Barcham Corner Orton Brimbles Wood End Reach Great Chishill Stapleford Orton Waterville Cottenham Fen Ditton Harston Toseland Meldreth Church Field Deeping Gate Boxworth Bourn Castor Lynch Wood Werrington East Hatley Chesterton Woodston Fordham Stilton Westwood Wimpole Little Gransden Newton-in-the-Isle Newnham Great Paxton Impington West Perry Westlands Fulbourn Bottisham Bridgefoot Padney Little Shelford Burwell Wittering East End Staughton Green Down Field Orchard Park Wothorpe Aldreth Pampisford Marholm Brington Great Wilbraham Conington Abbots Ripton Swavesey Melbourn Great Shelford North End Holywell Millfield Boxworth End Yelling Lower Cambourne Glatton Shepreth Newtown Ufford Knapwell Tadlow Hinchingbrooke Ring's End Doddington Bainton Old Wimpole Fowlmere Haslingfield Soham Badgeney Coppingford Milking Nook Carlton Green Great Stukeley Catworth Great Gidding Kennett Reach Offord D'Arcy Papworth St Agnes Cheveley Romsey Town Histon Parson Drove Wisbech Westry Gamlingay Great Heath North Field Bartlow Waterside Thorney Wintringham Needingworth Morborne Alwalton Stetchworth Horseway Farcet March Wansford Wisbech St Mary Eaton Ford The Thrift Great Eversden Widgham Green Gamlingay Cinques Elford Closes Witcham Prickwillow Barnack Frog End Milton Croydon London End Cardinal's Green Leverington Common Abbotsley Purls Bridge Old Weston Swaffham Bulbeck Papworth Everard Orton Longueville Long Meadow Great Staughton Great Gransden Warboys Belle Isle Trumpington Chapel Head Little Ditton Great Boleness Field Bar Hill Little Ouse Grantchester Owl End Guilden Morden Tipps End Hemingford Abbots Northstowe Badlingham Norwoodside Buckworth Harlton Stow Longa Buckden Northborough Stibbington Ravensthorpe Denton Peas Hill Pondersbridge Denny End Snailwell Graveley Mile End Kirtling Green Eddington Sibson Stanground South Stirtloe Little Raveley Barway Cambridge Manea Hilton Lode Glinton South Bridge Field Carlton Barrington Isleham Orwell Wimblington Eynesbury Little Stukeley Chesterton Haddenham Knight's End St Neots Weston Green Leighton Bromswold Hatley St George Gatley End Roman Hill Pidley Stuntney Friday Bridge Morden Green Hail Weston Little Eversden Old Pembroke Farm Ely Elsworth Teversham Coldham Little Green Horseheath Thorney Toll Grafham Croxton Staughton Highway Guyhirn Gull Welches Dam Stukeley Eldernell Great Raveley East Perry Barham Covington Girton Eastgate Broughton Caldecote Upwood Dennis Green Childerley Wenny Severals Murrow Foxton Wentworth Gold Hill Whaddon Gap Coveney Little Catworth Orton Southgate Sutton Gault Pilsgate Paston Thriplow Haddon Saxon Street Godmanchester Waresley Ramsey St Mary's Elton Coates Woolley Black Bank Wood Walton Bassingbourn Newtown Chapel End Fen Drayton Waterbeach Thornhaugh Little Chishill West Wratting Inham's End Witchford Westley Waterless Upton Hauxton Earith Queen Adelaide Tholomas Drove Wistow Red Barns Newnham Croft Newtown Fitton End Brinkley Molesworth Hildersham Bury Eye Green Yaxley Odsey Islands Common Upper Cambourne Littleport Brampton Newnham Stow cum Quy Burrough End Bretton Woodhurst High Cross River Bank Dillington Over End Guyhirn Whaddon Steeple Morden Etton Coldham's Common Eastrea Stretham Hamerton Old Hurst Willingham Walton Rogues Alley Commercial End Hardwick Willingham Green Helpston Hardwick Ashley Little Gidding Heathfield Fengate Briggate Upthorpe Camps End Ramsey Pymoor Alconbury Black Horse Drove Shudy Camps Dullingham Little Abington Colnefields Brampton Park Sawston Benwick Broad Green Orton Wistow Gamlingay White Cross Hill Chittering St Ives Broad Hill Swingbrow Lolworth Conington Oldeamere King's Dyke Castle End Bunker's Hill Diddington Nene Terrace Comberton Duxford Church End Longstanton Hinxton Little Wilbraham Kingston Haddenham End Field Southorpe Hemingford Grey Newborough Fenstanton Lark Hall Corner Flint Cross Nosterfield End Linton Fenton Cambourne Bythorn Eltisley Newton Oakington Claypit Hill Heydon Lolham Ridgeway Village Ramsey Heights Ashton Water Newton Clayhithe Kneesworth Sutton Tetworth Ramsey Mereside Little Thetford Little London Alconbury Weston Green End Landbeach Eastfield North Side Offord Cluny Toft Ramsey End Sutton Folksworth Ramsey Hollow Haroldsbridge Oxlode Upend Wicken Longstowe Eaton Socon Bluntisham Dry Drayton Downham Hythe Weald East End Eastwood End Ailsworth Elm North Brook End Chainbridge Spaldwick Four Gotes Upware Abington Pigotts Church End East Fen Common New England West End Little End Castle Camps Hartford Woodditton Chiswick End Sapley Orton Northgate Childerley Gate Wendy Kimbolton Arrington Orton Goldhay Wilburton Rampton Hook Great Abington Cross Green Caxton Chettisham Chippenham Town End Wardy Hill Maxey Highfields Caldecote Peterborough Keyston Six Mile Bottom Babraham Eye Mepal Way Head Hampton Vale Redmere Leverington Upton Balsham Madingley Caldecote The Lipneas Kirtling Arbury Soham Cotes Sawtry Longthorpe Colne Little Paxton Ellington Thorpe Quy Waters Gunthorpe Dogsthorpe Coton Westwick Dutter End Houghton Easton Ellington Little London Bassenhally Field Streetly End Mill Green Green End Stonely Second Drove Mill End Huntingdon Kings Ripton Old Fletton Orton Malborne Dyer's Green Little Downham Holme Whittlesford Alconbury Weald