Company Liquidation Heathfield in Heathfield

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 Heathfield (East Sussex)

Get in touch

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


Skip to

Gallery

Other locations available for company liquidation heathfield
Jarvis Brook Waldron Rockrobin Fletching Common Crowborough Woodingdean Black Rock Foxhunt Green Seaford Mount Ephraim Thunder's Hill Bexhill-on-Sea Burlow Laughton Common Forest Row Little Common Best Beech Hill Rottingdean Union Street Clive Vale High Wickham Balcombe Green Old Town Maresfield Park Dukes Green Caneheath Hamsey Upper Wellingham Twelve Oaks Telham St Helen's Wood Winchelsea Chailey Sheffield Green Hollington Marden's Hill South Street Hangleton Falmer St Helen's East Chiltington Nash Street Pevensey Westmeston Russell's Green St John's Langney Little Bayham Staplecross Crowhurst Burwash Weald Butcher's Cross Frant Cowbeech Three Cups Corner Broadstreet Green Hall's Close Hollington Park Chiltington Roselands Arlington Millbrook Maynard's Green Burwash Common Teasley Mead Henley's Down Pett Roser's Cross Alderbrook Founthill Blackham Netherfield Etchingham Peacehaven Sparrow's Green Hadlow Down Mill Corner Cooksbridge New Town Ashburnham Forge Argos Hill Poundgate Great Maxfield Rose Hill Ditchling Common Chelwood Gate Wallcrouch Bells Yew Green Foul Mile Red House Common Fairwarp The Platt Belmont Isfield Wilmington Broomsgrove Rickney Burwash Golden Cross Westham West Firle Hove Herstmonceux Tilsmore Tarring Neville Chuck Hatch Silverhill Aldrington Buxted Sharp's Corner Halland Tolhurst Northiam Churches Green Beckley Rushy Green Wood's Corner Coleman's Hatch Horsted Green Beddingham Mark Cross Berwick North Corner Hankham Firle Roedean Eastbourne Horns Cross St Leonards Green Northbridge Street Crowborough Warren West Marina Tidebrook Green Street Snagshall Little London Lower Cousley Wood Collier's Green Heighton Street Golden Cross Burnt Oak Swaile's Green Pestalozzi International Village Upper Horsebridge Steel Cross Guestling Thorn Withdean Mott's Mill Town Row Woolbridge Sweethaws Boarshead Iford Watermill Old Heathfield Hartfield Hale Green Barcombe Mills Rotherfield Southern Cross John's Cross Cousley Wood Westdean Southease Willingdon Trull's Hatch Peasmarsh Lions Green Upper Dicker Round Hill Rushlake Green Stanmer Bodiam East Moulsecoomb Cock Marling Moulsecomb Oxley's Green Cade Street Pevensey Bay Blackness Battle Ringles Cross Lunsford's Cross Rocks Park Hollingbury Chelwood Common Pounsley Milton Street Wellbrook Berner's Hill Lower Horsebridge Three Leg Cross Blacklands Waterhall Holmes's Hill Bishopstone Silverhill Park Whitehawk Witherenden Hill Stunts Green Lunce's Common Highgate West Hill Norton Rye Harbour Uckfield Warbleton Houghton Green Eridge Green Streat Ovingdean The America Ground Newhaven Ridgewood Hellingly East Guldeford Vinehall Street Ashton Green Patcham North Chailey Piddinghoe High Cross Eason's Green Holton Hill Five Ash Down Kent Street Iden Poundford South Chailey Broomham Fisher's Gate Three Oaks Lower Dicker Mount Pleasant Wych Cross Tompset's Bank Mutton Hall Langney Village Newbridge Bowlers Town Wadhurst Penhurst Birling Gap Bachelor's Bump Blackboys Upper Hartfield Balls Green Guestling Green Church Wood Mark Street Rusher's Cross Barcombe Chilley Green Norlington Kemp Town Maresfield Hooe Common Fairlight Down Street Telscombe Cliffs Camber Spithurst Lower Willingdon Coggins Mill Playden Four Oaks Glynde Wartling Mile Oak Cogger's Cross Duddleswell Caldbec Hill Stonegate Ore Town Littleworth Starr's Green Palehouse Common Ewhurst Green Heron's Ghyll Saltdean Salehurst Jenkins' Green Broad Oak Bexhill Bevendean Friday Street Honey's Green Lewes Hammerwood East Saltdean Broad Street Marsh Green Birchden Wickstreet Sedlescombe Ringmer Alfriston Peacehaven Heights Buckham Hill Polegate Hollingdean South Heighton Terrible Down Cornwell's Bank Pound Green Harley Shute Robertsbridge Jevington Marle Green Cooden Westfield Carter's Corner Winchelsea Beach Icklesham Tile Hurst Old Town Bulverhythe Davis's Town Lidham Hill Park Corner Etchingwood Whitehill Little Norlington Friar's Gate Lyewood Common Shortgate Cowbeech Hill Blackness Swiftsden Clayhill Hazard's Green Birchett's Green Downside Heathfield Cross in Hand Crumbles Flackley Ash Portslade Village Poundfield Cliff End Wivelsfield Green High Hurstwood Udimore Gallypot Street Plumpton Framfield Sharpsbridge Chalvington Glyne Gap Pell Green Whydown Bardown Ditchling Flowers Green Kingston near Lewes Brownbread Street Dallington Budlett's Common Rodmell St Anthony's Hill Sidley Selmeston Newick Stone Cross Winton Friar's Hill Sutton Cackle Street Friston East Blatchington Ponts Green Muddles Green Denton Wallands Park Windmill Hill Godleys Green Cripp's Corner Beacon Down Broad Oak Plumpton Green Cliffe East Hoathly Shover's Green Pett Level Mountfield Stone Cross Wivelsfield Broyle Side Eckington Corner Danehill Castle Hill Grisling Common Cackle Street Vines Cross Ripe Brighton and Hove Goatham Green St Anne's Cuilfail The Pound Whatlington East Dean Furner's Green Foulride Green Portslade-by-Sea Hampden Park Newbury's Hartwell Flimwell Beachlands Darwell Hole Waldron Down Cackle Street Quabrook Hailsham Southover Hollingrove Earl's Down Bodle Street Green Rye Foreign Shortbridge Dale Hill Five Ashes Wannock Jumper's Town Boreham Street Fletching Meads Steven's Crouch Crowlink Ninfield Durgates Willard's Hill Chiddingly Skippers Hill Cottenden Moulsecoomb Hastings Exceat Nutley Rye Hawkhurst Common Catsfield Litlington Bohemia Hooe Glyndebourne Groombridge Alciston Trolliloes Hurst Green Brede Chapman's Town Harbour Heights Ticehurst Laughton Dodd's Hill West Blatchington Little Horsted Glenleigh Park St Leonards-on-Sea Brighton Horam Mark Cross Brightling Dittons Ratton Village Whitesmith South Malling Filching Ely Grange Westdene Potter's Green Catsfield Stream Canadia Chilsham Dodd's Bottom Chitcombe Fairlight Cove Wilmington Green Pebsham Baldslow Normans' Bay Sleeches Cross Piltdown Danegate Barcombe Cross Northease Coldean Telscombe Offham Punnett's Town Riseden Mayfield Holtye Broomgrove Splayne's Green Ginger's Green Withyham Chapel Row Burgh Hill Jury's Gap Beckley Furnace Upperton Broadland Row Horney Common Chapel Cross Magham Down Halton Wood's Green Peter's Green Grove Hill Silver Hill Mount Pleasant Gun Hill Folkington North Moulsecoomb Primmers Green North End Cooper's Corner Preston Landport