Company Liquidation Spring Vale in Spring Vale

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 Spring Vale (South Yorkshire)

Get in touch

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


Skip to

Gallery

Other locations available for company liquidation spring vale
Micklebring Middlewood Oughtibridge Holdworth Brightholmlee Westfield Wheatley Hills Woodall Loversall Listerdale Mortomley Totley Birley Carr Hill Top Moss Worsbrough Dale Den Bank Carr Masbrough Hoyland Worsbrough Bridge Low Barugh Skellow St Ann's Owlerton Old Edlington Philadelphia Gateway Plaza Little Common Hillsborough Town End Wike Well End East Dene Kirk Bramwith Crow Edge Pilley Edge Mount Heeley Potter Hill Bolehill Lower Crabtree Brincliffe Stannington Spittal Houses Tickhill Millhouse Green Kimberworth Park Throapham Instoneville Hellaby Wood Royd Ughill Almholme Port Mahon Fosterhouses Turnerwood Woodland View Hooton Pagnell Ewden Village Batemoor Shaftholme Adwick upon Dearne Hood Hill Greenhill Flanderwell Dolcliffe Common Staincross Rossington Finkle Street Conisbrough Barnsley Sharrow Sothall Shafton Wath upon Dearne Totley Rise Trumfleet Far Bank Spink Hall Stainborough Gildingwells Attercliffe Hill Top Thurnscoe East Wood Seats Dunsville Common Side Stainforth Ulley Long Line Stocksbridge Catcliffe Carter Knowle Hollin Busk Low Bradfield Scawsby Hickleton Auckley Belle Vue Manvers Birley Estate Brodsworth Tankersley Wybourn Stacey Bank Pinfold Hill Green Moor South Lane Wilthorpe Dunford Bridge Little Hay Nooking Bromley Warren Lundwood Banner Cross Hemingfield The Green Little Norton Snowden Hill Dunscroft Highfield Owlthorpe Garden Village Bow Broom Kirkhouse Green Beauchief Broomhill Fishlake Wheatley Park Cudworth Common Haigh Dodworth Bottom Hoylandswaine Richmond Piccadilly Denaby Main Midhopestones Bullhouse Brampton en le Morthen Charnock Hall Norton Walkley Bradgate Old Cantley Worsbrough Common Wingfield Highwoods Blaxton Lindrick Dale Bradway Newton Broomhill Bridge End Park Side Halfway Ryecroft Northfield Carsick Hill Ravenfield Kelham Island Goldthorpe Gleadless Valley Barugh Green Hill Top Lodge Moor Sunnyfields Low Harley Milton Wales Bar Shafton Two Gates Swinton Bridge Aston Eskholme Netherthorpe Smithley Whirlow Conanby Worrall Fir Vale Catshaw Fulwood Jordan Rollestone Wadworth Hallowmoor Dalton Magna Dropping Well Woodhouse Mill Neepsend Jordanthorpe Wortley Longley Ings Norton Sheffield Park Monk Bretton Royd Haywood Loxley Endcliffe Crescent Boulder Hill Penistone East Herringthorpe Dodworth Green Shiregreen Upper Haugh Lings Common Stockbridge Ecklands High Hoyland Braithwell Barrow Waldershaigh King Edwards Bentley Rise Ringinglow Broomfield New Village Askern Stainton Grenoside Gleadless Townend Athersley North Lewden Old Haywoods Edderthorpe Thorn Hill Malinbridge Cudworth Whitley Slade Hooton Wadsley Bridge Upper Cudworth Hill Top Carsick Aughton Thorpe in Balne Woodsetts Deepcar Clifton Carcroft Common Rawmarsh Hooton Roberts Nethergate Thrybergh Backmoor Wood Willows Scawthorpe Brookhouse Normanton Spring Hazlehead Pismire Hill Thornseat Crookes New Totley Templeborough Stairfoot Under Tofts Blackburn Richmond Park Thorpe Hesley Fullshaw Cricket Houses Meersbrook Bank Normandale Birley Edge Townhead Warmsworth Victoria Doncaster Ecclesfield Crosspool Endcliffe Edge Harden Lakeside Village Hoyle Mill South Bramwith West Green Jump Guilthwaite Parkwood Springs South Anston Carcroft Pincheon Green Upperthorpe Royston Barugh Nether Edge Mexborough Kexbrough Hatfield Woodhouse Norton Woodseats Berry Moor Hill Top Laughton en le Morthen Barnburgh Rivelin Glen Greystones Cliffe Balby Marr Moorhole Darton Kimberworth Redbrook Knowle Top Worsbrough Village Summerfield Kiveton Park Plumbley Morthen Bawtry New Lodge Treeton High Melton Ranmoor Parkgate Beighton Wormley Hill Measborough Dike Church Field Hampole Armthorpe Pogmoor Burghwallis Thurnscoe Greystones Austerfield Broom Netherthorpe Honeywell Wentworth Waterthorpe Goole Green Dinnington Wigtwizzle Rotherham Hatfield Chase Whirlow Brook Upper Crabtree Higher Stubbin Wickersley New York Darnall Parson Cross Bradway Bank Handsworth Hill Dore Wadsley Upper Hoyland New Edlington Cawthorne Dodworth Fall Bank Silkstone Common Rostholme Fairleigh Upper Whiston Lower Bradway Pitsmoor Cantley Laughton Common Carlecotes The Wheel Meersbrook Great Houghton Coisley Hill Hood Green Arbourthorne Estate Oxspring Lowedges Scholes Lower Walkley Skelbrooke Middlecliffe Bolsterstone Sykehouse Woodside Cortworth Park Hill Handsworth Lea Brook Noblethorpe Howard Hill Smithy Moor Richmond Hill West Melton Lidget Nether Green Mosborough Wheatley Tivy Dale Greasbrough Stone Maythorn Bessacarr Loxley Bottom Hoober Frickley Platts Common Letwell Ecclesall Gilroyd Carbrook Street Meadow Head Higham Gawber Onesacre Thorpe Salvin The Lings Sim Hill Sharrow Head Sheffield Lane Top Manor Park Holmes Fourlane Ends Hurl Field Shirecliffe Wilsic Cundy Hos Highfields Hooton Levitt Walkley Bank Abbeydale Low Wincobank Harley Hall Broom Deep Pit Low Valley Long Sandall Parkhead Jordon Hollins End Greenland Hallam Head Royd Moor Wharncliffe Side Causeway Head Ward Green North Anston Millhouses Studfield Hill Hexthorpe Ardsley Hemsworth Chapeltown Blacker Hill The Manor Swaithe Little Sheffield Upper Midhope Tinsley Manor Estate Harthill Stumperlowe Barnes Hall West End Cadeby Silkstone Arksey Stopes Nutwell Brampton Wombwell Dalton Parva Intake Pudding Hill Elsecar Hatfield Hermit Hill Canal Side Ickles Crookesmoor Little Houghton High Wincobank Brierley Billingley Abdy Mawson Green Hayfield Green Darfield Cotterhill Woods Old Town Windhill Topham Canklow Highfield Carlton Shay House Horner House Arbourthorne Storrs Upper Bradway Dean Head Firth Park Bramley Greenside Howbrook Sprotbrough Sandygate Scout Dike Kilnhurst Four Lane End Coldwell Elm Tree Hill Woodlands East Higham Common Herringthorpe Mapplewell Drakehouse Cusworth Intake Moorends Highgate Brick Houses Clifton Whiston Grimethorpe Hardwick Bramley Lings Thurlstone Thurcroft Hill Top Kirk Sandall Attercliffe Swallownest Waleswood Lowfield Brightside Langsett Slay Pits Birdwell Hangsman Hill Barnby Dun Bolton upon Dearne Finningley Thorne Longley Estate Owston Totley Brook Edenthorpe Ravenfield Common Newhill Lane End Grange Lane Woodthorpe Estate Grimesthorpe Thurgoland Firbeck Wincobank Load Brook Cundy Cross Pot House Ingbirchworth Keresforth Hill Gleadless Clayton Hoyland Common Adwick le Street Stephen Hill Charltonbrook Burngreave Brinsworth Woodhouse Aldwarke Wales Foldrings Nether Haugh Norton Lees Burncross Wisewood Fenwick Hanging Water Hill Top Westfield Sprotbrough Park Eastfield Carr Head Newfield Green Birkendale Brierholme Carr Meadow Hall Brecks Highlane Bents Green Southey Green Cubley Castle Green Low Stubbin Sutton Sandhill Branton Kine Moor Frecheville Hackenthorpe Eastwood Townhead Upper Tankersley Toll Bar Stubbin Holme Belle Green Park Head Dalton Thorpe Common Pickburn Keppel's Column Cat Hill Dungworth Crane Moor Shaw Lands Woodlands Old Denaby High Green New Rossington Hyde Park Swinton Liberty Hill Harlington Kendray Hillfoot Sunnyside Smithies Abbeydale Park Soughley Todwick Low Laithes Low Holdworth Bracken Moor Bentley Holbrook Netherthorpe Herdings Moorgate Waverley Norton Hammer Maltby High Bradfield Campsall Tapton Hill Whinney Hill Doncaster Common Four Lane Ends Lydgate Sharrow Vale Base Green Tilts Athersley South East Whitwell Worsbrough Roughbirchworth Knoll Top Orchard Square Sheffield Orgreave Spring Vale Hollow Meadows Steel Bank Littleworth Braithwaite